Iron ore faces seventh straight weekly decline

Iron ore retreated, approaching its seventh consecutive weekly loss, reaching its lowest level since February, due to weak seasonal demand, rising inventories at Chinese ports, and declining fuel prices following a temporary peace agreement in the Middle East. As a result, futures fell to $96.95 per ton, with ongoing pressure on profit margins for steel plants in China. Additionally, inventories at Chinese ports increased to 160 million tons, further weakening global demand for the metal.

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