Iron ore prices fell below the level of $100 per ton in trading after the “Third Plane” meeting of Communist Party officials in China failed to provide major incentives to boost demand for metals or fix the real estate crisis, in addition to the continued strength of supply.
Data from Brazil – the largest exporter of iron ore after Australia – showed average daily shipments reaching 1.62 million tons in the first 15 working days of July, a faster pace than in the same month last year.
Futures contracts fell by 3.5% in Singapore trading to $99.9 per ton, heading towards recording losses for the third day in a row.
