Iron ore prices sank to their lowest level since November 2022 in mid-August 2024 as China's steel crisis deepened. Singapore futures traded below 93 dollars a tonne, touching an intraday low of 92.20 dollars on 16 August, and the price delivered to the Chinese port of Qingdao fell to 92.2 dollars a tonne, according to Argus data. The steelmaking raw material had lost about a third of its value since the start of the year and had fallen for six straight weeks, as Chinese mills struggled with losses and port inventories of ore stagnated. The drop was nearly 30 percent below iron ore's January peak of 144 dollars a tonne. Australia's Department of Industry, Science and Resources forecast prices would fall to about 96 dollars a tonne by the end of the year, and analysts said prices could test 90 dollars if Chinese steel demand did not recover.
Source: Sharecafe — https://www.sharecafe.com.au/2024/08/19/iron-ore-prices-plummet-amid-chinas-property-crisis/
Photo: Wikimedia Commons (freely licensed).