Iron ore drops below $90 in 2024

Iron ore prices have fallen below $90 per ton, a level not seen since 2024, due to declining Chinese demand and an increase in global supply, especially with new shipments from mines in Guinea. The decline is attributed to weakening steel industry activity in China, which heavily relied on iron ore to meet the needs of real estate, infrastructure, and manufacturing sectors, with steel production reaching its lowest level since 2018. While weak demand is putting downward pressure on prices, the rising supply is also exerting market pressure. Continuing this trend risks undermining the prospects for stable ore prices, particularly amid the potential decline in Chinese demand and changing global stockpiles and production levels.

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