The steelmaking ingredient has shed more than 30% since early January as hopes of a meaningful revival in construction activity faded. Loss-making steel mills are buying less ore, and stockpiles are piling up at Chinese ports.
The price rout deepened this week on more signs of demand weakness. Chinese steel mills are starting to announce production cuts as spot steel prices are falling. The poor performance this year is a reversal from 2023, when iron-ore outpaced base metals and other commodities to rack up a gain of 20%.
