Iron ore slips under $90 amid China's construction slowdown
Business
Iron ore just slipped under $90 a ton on the Singapore Exchange, its lowest point since 2024.
That's about a 15% drop this year, mostly because China's construction slowdown means less demand for steel (and iron ore).
Plentiful global supply, Guinea's Simandou mine
China's ongoing property troubles have pushed steel production to its lowest in years, which really drags down iron ore demand.
On top of that, there's plenty of supply globally, with new sources emerging, including Guinea's Simandou mine.
Some analysts say steel mills are making so little profit that more production cuts could be on the way.
Prices are dropping on other exchanges too, showing this is a global trend, not just a China thing.