Iron ore fell below $90 per ton, the lowest since November 2022 - in the Singapore market.
September 9, 2024 9:32 AM JST
On the 9th of September, 2024, the price of iron ore fell below $90 per ton, the lowest since November 2022. Demand in China, the largest buyer, is weak.
China's iron and steel consumption is decreasing due to the prolonged real estate recession. Reduction in steel production has led to an oversupply in the iron ore market.
Iron ore futures in the Singapore market temporarily fell by 2.3% to $89.60 per ton. Last week, they fell by over 9%.
On the 9th of September, 2024, the price of iron ore fell below $90 per ton, the lowest since November 2022. Demand in China, the largest buyer, is weak.
China's iron and steel consumption is decreasing due to the prolonged real estate recession. Reduction in steel production has led to an oversupply in the iron ore market.
Iron ore futures in the Singapore market temporarily fell by 2.3% to $89.60 per ton. Last week, they fell by over 9%.
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