SYDNEY—The crisis engulfing property developer China Evergrande Group is causing iron-ore prices to buckle, as investors worry that pressure on China’s huge property market will translate into lower appetite for steel.
Evergrande’s difficulties are the most visible sign of the worsening climate for Chinese real-estate companies, and economic data point to a broader malaise in the sector, with home sales by value contracting nearly 20% year-over-year in August, and construction starts down this year.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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