Iron ore losses widen due to sluggish demand in China

Iron ore cargo prices with 62% iron content fell below 108 dollars and fell to a low level for the first time in more than 3 weeks. This is because signs of sluggish demand and lack of economic stimulus measures for the real estate sector in China, which is a top consumer country, weighed on the market.

Chinese steel manufacturers are increasing their dependence on foreign markets as domestic demand for steel remains sluggish.

The 3rd National Congress, which recently came to an end, was not a major policy shift that could deal with economic issues, and since they insisted on continuing, it was not possible to excite investors.

Investors are paying attention to the latest manufacturing and service industry business conditions indicators to be announced next week, and they expect to gain further insight into the United States, which is the world's second-largest economy.

Other than that, Australian and Brazilian iron ore mining companies increased their shipments in June and met their quarterly targets.

Meanwhile, China's port inventory fell 0.4% from the previous week to 0.1 billion 49.6 million tons.