Iron ore prices have declined by 3% since the beginning of November 2024, driven by weak economic signals from China. Futures on the Dalian Commodity Exchange dropped to RMB762/t ($106.1/t), while Singapore Exchange prices fell to $100.6/t. The market's volatility is influenced by China's economic policy and seasonal demand fluctuations, particularly as construction slows in the Northern Hemisphere. Expectations for economic stimulus in China initially buoyed prices but were tempered by disappointing outcomes from recent economic meetings, leading to increased speculative activity and price corrections.
