China’s Property Pain Deflates ‘Overhyped’ Iron Ore Market
- Steelmaking material dips below $100 for first time this year
- Nation’s steel association warns of ‘severe challenges’ ahead
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After a bullish start to 2023, iron ore is struggling with the reality that China’s property sector — the steelmaking material’s largest demand driver for two decades — is still far from a robust recovery.
Iron ore dipped below $100 a ton this week for the first time since early December, becoming the biggest victim of a bearish mood across industrial metals. The main culprit is a weaker-than-expected peak construction season, which runs from April through June, highlighting China’s uneven rebound.