Iron Ore Futures Take a Hit as Chinese Demand Wavers
By ZeroHedge - Mar 12, 2024, 2:00 PM CDT
Iron ore futures fell almost 7% in a single session, marking a 25% decline year-to-date amidst pessimism from China's National People's Congress occasion.
The cost drop is credited to weak need from China's property and production sectors, with building activity not getting as anticipated after the Lunar New Year.
Experts forecast iron ore rates might be up to around $100 a load as Chinese port stockpiles grow, recommending a possible additional decrease before need rebounds.
To begin the week, Ehsan Khoman, the Head of Commodities at MUFG Bank, explain...