Skip to content

Iron Ore Drops With Steel Demand Set to Weaken in 2022

  • Steel consumption in China to decline 1.2% y/y next year: CICC
  • More virus cases found in China, including cluster in Shaanxi
Updated on

Iron ore declined as investors weighed expectations that the steelmaking raw material will face a surplus next year.

Futures in Singapore slumped as much as 5.4% on Monday, the most in a month, after six weeks of gains. Iron ore has found support from moves by China’s authorities to bolster the real estate sector, as well as expectations for more fiscal stimulus and forecasts that steel output will rebound this month.