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Iron ore price falls over 15% in 2024 on faltering China demand, high portside stocks

Time

2025-07-26 16:30

Source:

Iron ore futures ended 2024 with a drastic decline of more than 15% as faltering demand, thin steel margins and high portside stocks in top consumer China dragged prices of the key steelmaking ingredient lower.

 

Prices rose on the day as sentiment was boosted by Chinese President Xi Jinping’s remark that this year’s gross domestic product (GDP) is expected to grow by around 5%, although mounting caution following China’s slowing factory activity expansion in December pressured prices earlier the session.

 

The World Bank sees China’s gross domestic product growth at 4.9% this year, up from its June forecast of 4.8%.

 

The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 1.17% higher at 779 yuan ($106.73) a metric ton.

 

The benchmark February iron ore on the Singapore Exchange was 0.23% higher at $100.4 a ton as of 0703 GMT after falling to $99.6 earlier in the session.

 

Year-to-date, the Dalian contract has fallen 16%, while the Singapore benchmark has slid 18.5% as demand wilted with China’s crude steel output falling by 2.7% year-on-year in the first 11 months of this year.

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