Iron Ore Falls as China’s Home-Sale Plunge Shows Property Woes
- Steel-intensive sector under pressure as new policies urged
- Floods in Hebei obstructing transport near mills, analyst says
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Iron ore fell after fresh data spotlighted concerns around China’s struggling steel-intensive property sector, even as authorities step up pressure on cities to shore up real estate markets.
The steelmaking staple reversed the 1.3% gain posted earlier in the session after figures showed the value of new home sales by the 100 biggest developers plunged by a third in July from a year earlier, the most in 12 months. China’s State Council is now urging cities to deploy new property policies to ensure the health of the sector, although no specific measures have been announced.