Iron ore expands the drop as the question comes, Citi Cuts targets | Einsmark news

(Bloomberg) – Iron ore is on their way to the lowest nearby since September on a seasonal slowdown in demand and signs Chinese mills are fighting steel production. Futures fell into Singapore for a fourth day and sank below $ 93 per ton. The rainy season in southern China, as well as high temperatures in the north, continued and delayed the construction, the Shanghai Metals Market said in a note. China’s figures – the Top Iron Ore Insurer – showed nationwide steel production in May on Monday among the total of April, and almost 7% less than a year ago. This was the worst performance for the month since 2018. The steel -foster steel manufacturing has been under pressure over the past few weeks, as traders are a slower rate of construction in the summer, as well as a pressure by the China authorities to combat steel production to combat a glut. Futures come from the back of a four -week loss that has been the longest since January. “The demand for steel in China is likely to remain weak over the coming seasonal silence in the coming months,” said Citigroup Inc. said in a note and cut iron ore forecasts. China’s weakness in the property market shows no signs of a turnaround, and manufacturing has a larger trade wind, they said. The bank’s predicted-to-three-month price forecast was reduced to $ 90 a tonne from $ 100, while the target from six to twelve month to $ 85 was scaled back from $ 90. On the supply side, miners in Brazil – the largest sender after Australia – have spotted flow. Exports amounted to 35,077 million tonnes in May, with a record for that month. Iron Ore Futures dropped to 1.2% to $ 92.90 per ton per ton in Singapore, before serving at 11:44 p.m. Steel Futures traded in China, it also took it down. Buyer and other industrial metals were lower, as investors monitored the Israel-Iran conflict and appetite for risks. US President Donald Trump has called on the evacuation of Tehran, in remarks that unlike earlier optimism, the situation would not escalate to a greater conflict. Buyer fell 0.3% to $ 9,674.50 per tonne on the London Metal Exchange, while aluminum fell by 0.2% to $ 2,508.50. More stories like these are available on Bloomberg.com © 2025 Bloomberg LP