The iron ore price fell on Wednesday amid persistent unease about debt-ridden Chinese real estate firms and an overall downward demand outlook.
According to Fastmarkets MB, 62% ferrous product imported into northern China was changing hands at $124.17 per tonne, down 3.8 percent from Tuesday's close.
The top-traded January iron ore contract on China's Dalian Commodity Exchange ended day trading at 731 yuan ($113.32) a tonne, down 5.9 percent after a five-session rally.
Chinese property developers face defaults before the end of the year, and the fate of China Evergrande Group looks increasingly bleak, fears sparking a broader crisis in the industry, which accounts for about a quarter of domestic steel demand.
China's iron ore demand has already collapsed due to environmental steel production controls, capping imports down 3 percent year-on-year in the January-September period.
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