The price of iron ore declined, amid lower demand in the Chinese real estate sector, and despite government pressure on local authorities to revive the market.
Iron ore fell 2.20% to $105 a ton during market trading in Singapore on Tuesday, after reaching $108.70 earlier in the session.
Yesterday, steel prices fell, erasing the gains it achieved at the beginning of the session at 1.3%, after the emergence of data on the decline in new real estate sales in China, according to “Bloomberg”.
The data showed that the sales of the 100 largest real estate development companies declined by about a third during the month of July, compared to the previous year, which is the highest decline in a year.
The Chinese parliament calls on local administrations to take new measures to support the real estate sector, which represents a third of the market demand for iron, although no specific measures or procedures have been announced so far.