Iron Ore Hits 1-Week Low on Weak China Outlook

Iron ore prices for 62% iron content cargoes fell toward $102 per ton, marking a one-week low, as concerns over China’s steel industry and weak property sector weighed on sentiment.

Steel rebar futures dropped to a six-month low, reflecting sluggish demand.

Meanwhile, China’s property market remained under pressure, with new home prices falling at an accelerated pace in February, despite government support.

Adding to the cautious outlook, Beijing recently announced a special action plan to boost consumer spending, but the lack of details on timing and scale left investors uncertain.

At the same time, the Chinese government reaffirmed its commitment to limiting crude steel production in an effort to curb overcapacity.

The move is expected to cut annual steel output by 50 million tons, further impacting iron ore demand.