The price of iron drops for the fifth day to the lowest level since April

The price of iron ore dropped for the fifth consecutive day and continued its downward path amid twice the steel market in China. The future contracts for iron ore used in the steel industry have dropped to their lowest levels since April and reached $ 92 a tonne this week. The price is still declining with the evaluation of customer traders in the market, and the decline in Chinese demand for strengthening iron. Iron ore prices fell by more than 13% compared to last year, as the property market in China still stagnated without indicators of recovery. This decline is part of a long -term falling road, “City Group” expects to pay prices up to $ 85 a tonne during a period of 6 to 12 months. A poor demand for steel, Yongan Futures, wrote in a research note on Wednesday that the demand for steel used in construction still has room to decline. Despite the seasonal slowdown in the demand for iron ore, the decline in supplies forms a pillar that is more prevalent in prices. The future iron ore contracts in Singapore fell 0.4% to $ 92.45 per tonne at 11:57 p.m. local time. Meanwhile, future contracts in Dalian are being denounced, and the variation of steel contracts in Shanghai between height and decline.