Iron ore slides as China’s housing issues worsen

Plans by the big miners to raise production will swell supply, putting prices under pressure. — Bloomberg

SHANGHAI: Iron ore is likely to revisit US$100 a tonne by the end of the year before falling further to US$85 in 2025 as China’s housing market collapse worsens, according to Capital Economics Ltd.

Falling steel production and emissions controls on highly polluting blast furnaces should shrink Chinese iron ore demand by 1% in 2024 and 2% in subsequent years, the London-based research firm said.