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Due to the sustained weakness in the Chinese economy, iron ore prices have plummeted.

On Monday, iron ore futures prices fell for the second consecutive trading day, dropping to the lowest level in over four months, dragged down by the continued weakness in the Chinese steelmaking raw materials market.

The most actively traded May iron ore contract on the Dalian Commodity Exchange (DCE) fell 5.41% during the day, to 831 yuan per ton (115.68 US dollars), the lowest level since October 23, 2023.

As of 0808 Greenwich Mean Time, the benchmark iron ore price for April on the Singapore Exchange fell 6.71% to $107.45 per ton, the lowest level since August 22.

Analysts said that the shipments so far this year have been better than expected, while the demand recovery has been weaker than expected, leading to a temporary supply surplus, which has put enormous downward pressure on prices.

“Global iron ore shipments have risen to a relatively high level. The recent decline in iron ore prices has not prompted non-mainstream suppliers to cut production,” Citic Futures analysts said in a report.

They added: “Some steel mills have once again postponed the resumption of production, suppressing the growth of iron ore demand and port destocking.”

Analysts at Everbright Futures said in a report that the poor profitability of steel companies has weakened their interest in increasing production, and the weakness in the steel market has spread to the upstream raw materials market, putting pressure on iron ore prices.

Other steelmaking raw materials on the Dalian Commodity Exchange also fell, with coking coal and coke falling by 2.65% and 2.04% respectively.

The benchmark prices for steel on the Shanghai Futures Exchange also weakened. Rebar fell by 2.41%, hot-rolled coil fell by 1.95%, wire rod fell by 1.62%, and stainless steel fell by 1.34%.

Despite Chinese regulators urging large banks to increase their support for state-owned real estate developer Vanke, the black metal market remains weak.

As the world’s largest consumer of steel, China’s real estate market has been severely affected by the debt crisis, and despite Beijing’s efforts to revitalize the industry, there have been no signs of significant improvement.

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