Commodities
Iron Ore Declines as Data Shows China Property Concerns Persist
- Prices fall for first day in three as home sales lose momentum
- Fate of steel-making material depends on property sector: CBA
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Iron ore fell for the first time this week as a lull in China’s property sector persists, with fresh data showing a recent spurt in home sales in its capital losing momentum.
Prices of the key steel-making material had risen close to 20% over the past month in anticipation of China’s usual busy construction period in September and October. But less than two weeks after authorities eased mortgage restrictions, home sales in Beijing last weekend fell by more than a third compared to the weekend after the measures were announced, according to estimates by one of China’s top property agencies.