Iron ore continues to melt
Iron ore hovered below $90 on the first trading day of the week as growth concerns weighed on pricing in the commodity market.
While different indicators regarding the global economy create a pessimistic outlook among market actors regarding growth, the commodity market is also hit by these negative expectations.
Iron ore, one of the raw materials seen as a barometer in this context, tested below $90 per ton for the first time since 2022 due to these expectations.
Iron ore futures have declined by more than a third this year as the unresolved steel crisis in China threatens raw material demand along with recent pricing.
“Investors are shifting their focus from US inflation to growth fears,” said Jia Zheng of Shanghai Soochow Jiuying Investment Management Co. “China lacks significant stimulus support and the market is pessimistic.
The more cautious sentiment in metals was high on the market agenda last week when Goldman Sachs Group Inc. cut its long-bullish copper forecast to about $5,000 a ton, largely due to soft Chinese demand. Citigroup Inc. said uncertainty over the U.S. presidential election in November will keep the global economy sluggish and weigh on metals prices.
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