The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 1.76% lower at 979.5 yuan ($136.46) a metric ton, the lowest since Jan. 24.
The benchmark March iron ore on the Singapore Exchange was down 1.94% at $132.8 a ton, as of 0710 GMT, also the lowest since Jan. 24. Denting sentiment, concerns resurfaced over China’s struggling property market after a Hong Kong court on Monday ordered the liquidation of property giant China Evergrande Group , the world’s most indebted developer.
Adding downward pressure is also the thinning liquidity in the spot market as most mills completed pre-holiday restocking, said analysts. The retreat came after prices climbed to multi-week highs on Monday, helped by various measures to support the real estate market in the world’s second-largest economy.
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