Iron ore falls to 13-month low

Iron ore prices have fallen to their lowest level in 13 months, with contract prices dropping to around $93.66 per ton. This decline has been driven by reduced demand from steel mills in China, particularly in Tangshan. The deteriorating conditions of China's construction and real estate sectors, coupled with the lack of effective stimulus measures, have led to sharp operational losses for many mills, resulting in decreased purchasing activity and an approximately 11% year-over-year price decline. This downward trend threatens the viability of some high-cost production operations and reflects expectations of weak demand in the near term.

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