Iron Ore Drops From 18-Month High on China Housing Pessimism
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Iron ore fell from the strongest level since June 2022 as investment banks and securities brokerages expect the slump in China’s housing construction to persist into next year.
Ten major institutions including Goldman Sachs Group Inc., Morgan Stanley and UBS Group AG see China on track to post three straight years of contractions in property construction, a record streak. Real estate accounts for close to 40% of the country’s steel needs.