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Steel & Metal
- China -

Iron Ore Prices Plunge to 11-Month Low in March

Iron Ore Prices Plunge to New Lows as Supply Outpaces DemandIron ore futures prices have continued their downward spiral, with September futures on the Dalian Commodity Exchange falling 12.2% to 742 yuan/t ($102.66/t) in the period from March 25 to April 1, 2024. On the Singapore Exchange, May futures dropped 10.3% to $97/t over the same period.The sharp decline in iron ore prices is attributed to weakening demand in China, the world's largest consumer. Steel mill operations are becoming unprofitable, forcing many to suspend production. Additionally, environmental restrictions imposed in some Chinese regions have further impacted steel output.Despite some economic incentives introduced by China in March, the negative trend has persisted in the raw materials market. Analysts point to a significant surge in iron ore supplies from Australia, with shipments increasing by 3 million tons over the past week, signaling that mining companies' maintenance programs have come to an end.Imports of iron ore from Brazil are also on the rise, with shipments increasing by 1.8% last week. However, the growth rate of supply is outpacing the recovery in steel demand, leading to a buildup of iron ore inventories in Chinese ports.The Australian government expects iron ore prices to decline further in the long term, projecting prices to fall to around $68/t by 2029 as supply increases and demand decreases.In the short term, iron ore prices may stabilize as China enters its construction season. However, the country's economic performance and the actions of its government will be crucial in determining the duration and extent of the current negative trend in the iron ore market.

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