The price of iron ore is below $ 100 per ton, exacerbating the fear of real estate crisis in China

The price of iron ore has dropped below $ 100 a tonne with the market evaluation of the prospects in the property sector in China, and is expected to deteriorate. Economic analysts expect the prices of housing and sales in China to fall during the next year, although the decline could be slower than in 2024. The price of iron ore, an essential component of the steel industry, has dropped by about a third this year and is one of the worst achievements in the world. The price of iron ore rose earlier this month amid optimism that would improve the upcoming leadership in China the economy and the real estate market, but morale quickly deteriorated. The planning and research institute for metal industry in China, backed by the country, expected that demand for steel in the country this year will fall by 4.4% and 1.5% in 2025, according to estimates released on Friday. The prices of future contracts in Singapore dropped to $ 99.90 per tonne to its lowest level before compensating some losses, and fell 0.6% at $ 100.65 per tonne at 11 hours of local time. While the price of iron ore on the Dalian Stock Exchange and Steel on the Shanghai Stock Exchange recorded a slight increase. The prices of basic minerals on the London metal share exchange rose generally, as the price of copper rose by 0.3%to 8.941 dollars per tonne, and the price of the nickel rose 0.7%, while the price of zinc increased by 0.9%.