Iron ore futures down to 8-month low
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Update time : 2022-07-18 18:16:53
The iron ore futures in both China's Dalian and Singapore's markets fell below US$100 per ton last Friday (July 15), the lowest level in 8 months, due to the increasing fears of less steel demand, especially China's real estate sector seems to be getting worse.
China's economy was down by 2.6% in the second quarter this year, compared to the first quarter, worse than expected, due to lockdowns against pandemics in some areas.
In line with the weak demand for iron ore, China's crude steel production fell by 3.3% this June compared to the same month last year. If compared to May this year, there was a down of 6%.
Entering the Chinese New Year holiday, market trading is sluggish
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