Iron ore prices continue to decline in global markets. The expectation that iron demands might fall due to the real estate crisis in China has hit prices. Iron ore prices in Singapore fell to the lowest level in the last year. The ton price of iron ore, which falls below $90, will deeply affect the construction market.
Iron ore prices decreased to the lowest level of the last one year
Iron ore prices in the Singapore market fell by 2.9%. Iron ore dropped to $89.35 a tonne, the lowest since November 2021. Iron ore prices, which peaked last March, have dropped by 45% since then.
Iron ore prices are expected to continue to fall
According to Goldman Sachs analysts, iron ore prices will reach $70 per tonne in 3 months. The fact that new house sales in China will decrease by 20% in 2023 is interpreted as a sign of new crises in the real estate and construction sector.
Slight decline in rebar prices in Turkey
Decreases in iron ore prices in global markets are also affecting the Turkish rebar market. Although there are no severe price decreases, there are decreases in rebar prices in Turkey. It is expected that the price decreases in the global markets will be fully reflected in the domestic market in the coming days.
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