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Iron ore prices are under renewed pressure, with the key $100 per tonne support level looking increasingly fragile amid weak demand in China and growing concerns over the global steel outlook.
Benchmark prices for 62% Fe fines delivered to China have slipped close to $101 per tonne, reflecting tepid steel production, sluggish construction activity, and rising port inventories. Analysts warn that if demand fails to recover soon, prices could dip below $100, marking the lowest level since early 2024.
Market sentiment remains cautious as China’s property sector downturn continues to weigh heavily on steel consumption, while stimulus measures have yet to yield meaningful recovery. Meanwhile, steel mills are scaling back output to preserve margins amid falling finished steel prices.
On the supply side, major miners in Australia and Brazil have maintained steady exports, adding further downside risk to prices.
Analysts from major trading houses predict that unless China’s infrastructure spending accelerates in Q4, iron ore markets may remain subdued, with volatility driven by speculative trading and uncertain policy signals from Beijing.
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