Iron ore prices fell in Monday trading below the level of $100 per ton to record their lowest levels since May 2023, with the continued impact of the real estate sector crisis in China on demand, in addition to the abundance of supply enhancing pressure on prices.

In Australia, which is the largest iron ore exporting country, exports rose in the week ending March 15, and the stocks available in Chinese ports are the largest in more than a year at approximately 142 million tons.

Iron ore movements have been strongly correlated with fluctuations in the Chinese real estate market over the past two decades, and futures traded in Singapore are currently down about 30% this year.

Iron ore futures in Singapore fell during today’s trading to $97.50 per ton, and contracts traded for delivery in September on the Dalian Stock Exchange also declined.