Summary
- Iron ore prices have dropped by a third this year, falling below $100 per ton at Chinese ports.
- The downturn is driven by sluggish steel production in China, tepid demand, and an increase in supply.
- Insufficient Chinese government stimuli for the real estate sector is identified as a major cause of weakness.
- Forecasts predict iron ore prices to remain between $100 and $110 per ton in 2024, with continued volatility expected.
