10 Hrs
Source:
الاقتصادية
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Iron ore falls below 100 amid surplus
The price of iron ore has fallen below $100 per ton for the first time since March, amid abundant supply and declining demand in China. Futures contracts dropped by 2.3% to reach $98.90, marking the second consecutive week of declining prices, due to reduced steel production in China and increasing inventories, as well as higher production from the Simandou mine in Guinea. Additionally, falling oil prices and the potential reopening of the Strait of Hormuz have put downward pressure on shipping costs, negatively impacting the price of iron ore.
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