Sales in iron ore increased due to concerns about demand.
Sales deepened in iron ore amid growing concerns that global steel demand will decline.
Iron ore price fell to its lowest level since May 2020 at $84.30 per tonne in Singapore. Prices have halved since their peak in March.
The problems in the housing sector in China and the slowdown in consumption due to the Covid-19 restrictions are putting pressure on iron ore prices. The tight monetary policies of the Global Central Banks and the energy crisis in Europe’s major economies are also hampering worldwide demand.
“The gloomy economic outlook and China’s real estate market woes do not bode well for commodities,” economists at Australia & New Zealand Banking Group said in a note.
