Iron Ore Retreats for Second Day on Concern About China Property
- Fundamentals weak on soft demand, stable supply, Baocheng says
- Futures in Singapore sink toward $108 to pare monthly advance
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Iron ore fell for a second day as optimism driven by the easing of strict virus curbs in China was offset by concern about the near-term outlook for the nation’s housing market, a key source of steel demand.
Futures in Singapore sank toward $108 a ton after losing almost 2% in the week’s opening session. While China is pivoting away from its Covid Zero policy, year-to-date new-home purchases in first-tier cities remain about 30% lower than a year earlier. Rekindling enthusiasm for property-buying could be an issue if home prices fail to pick up, according to Bloomberg Intelligence.