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Iron ore fell to its lowest level in 10 months as the prolonged property crisis in China continues to put pressure on pricing despite broader indications of the economy picking up.
Early trading on the Singapore Exchange saw a 3.9% drop in the price of the steelmaking ingredient to $96.25 a tonne. Prices have fallen since the beginning of January as investors have adjusted to the real estate sector's deteriorating demand forecasts.
There aren't many signs pointing to a significant upturn in the real estate market. Compared to a year ago, the value of new home sales from the top 100 real estate businesses decreased by around 46% in March.
The China Iron & Steel Association warned last week that the property slump and comparatively inadequate infrastructure are impeded by the revival of steel demand. The steel industry’s purchasing managers index for March sank to 44.2, its lowest reading since May last year.
Dalian iron ore futures for September also fell Monday, adding to an 8.5% decline last week. Futures for steel rebar — basic metal rods used in construction — fell to the lowest in almost four years.
Also Read : ICRA revises growth rate of domestic steel consumption to 9–10% for FY25 CBAM will increase the export value of Chinese steel products by 4-6%
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