Crude iron price drops again

Iron ore prices continue to decline, heading towards their third consecutive weekly loss due to increased global supply and weak demand expectations, despite markets in China resuming activity after the holiday. Futures in Singapore reached their lowest level since September 2024 at $90.90 per ton, with Dalian contracts fluctuating at two-year lows. Iron ore inventories at Chinese ports rose to 152.7 million tons, even though daily iron production decreased to 2.34 million tons, adding pressure on steel mills that are experiencing declining profits and are considering reducing output due to rising coke costs. Meanwhile, Dalian futures increased by 4.2%, squeezing profit margins.

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