Iron ore faces seventh weekly drop due to Chinese market pressures
The iron ore price is heading toward its seventh consecutive weekly loss, the worst losing streak since 2022, due to weak seasonal demand and declining profit margins for global factories. Futures fell to $96.95 per ton, the lowest level since February, as Chinese port inventories continued to rise to a record 160 million tons, weakening purchasing power and exerting downward pressure on market prices. Chinese manufacturers are also suffering from declining profits due to shrinking profit margins, amid growing concerns about global economic growth.
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