According to Kallanish, Iron ore prices fell 11.3% in February to a four-month low of US$116.5 a tonne, driven by weak Chinese demand and supply issues following the Lunar New Year holiday. The decline was influenced by companies adopting a cautious approach, limiting raw material purchases, and high iron ore prices squeezing steel mills' margins. This drop marked the worst two-month performance since April-May 2023, with March historically being the fourth worst-performing month for iron ore prices, averaging a 3.0% decline since 2008.