Iron ore prices fell to their lowest level in six months in mid-March 2024 as China's steel demand failed to recover after the Lunar New Year holiday. Singapore futures for April delivery dropped 10.8 percent in the week to 13 March to 103.45 dollars a tonne, while the most-traded May contract on the Dalian Commodity Exchange fell 8.9 percent to 807.5 yuan a tonne, or 112.29 dollars. Prices had slid about a quarter from their early-January peak above 140 dollars a tonne, with February alone seeing a 10.6 percent fall in Singapore. Port stockpiles in China had swollen to their highest level in a year as mills cut pig iron output, and the annual National People's Congress offered few signs of a demand boost. Analysts said prices could test 100 dollars a tonne in the coming weeks, a level that would start to squeeze higher-cost producers in China and India.
Source: GMK Center — https://gmk.center/en/news/global-iron-ore-prices-fall-to-6-month-low/
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