Iron ore futures slipped below 100 dollars a tonne in late July 2024 as strong global supply met a persistently weak Chinese steel market. The benchmark August contract on the Singapore Exchange fell 1.14 percent on 25 July to 99.75 dollars a tonne, while the most-traded September contract on China's Dalian Commodity Exchange fell for a fifth straight session to 764.5 yuan, or 105.50 dollars, a tonne. Miners in Australia and Brazil kept shipments high even as Chinese mills cut steel output and allowed port inventories to build. The steelmaking raw material had already fallen by about a quarter from its January peak above 140 dollars a tonne, and analysts warned prices could stay below 100 dollars for the rest of the year as China's construction sector showed little sign of recovery. The slide also weighed on the shares of major miners including BHP, Rio Tinto and Vale.
Source: Offshore Engineer (Energy News) — https://energynews.oedigital.com/mineral-resources/2024/07/26/iron-ore-drops-even-more-as-strong-supply-china-steel-selloff-weigh
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