Iron Prices Have Declined

Iron prices have declined. The thought that demand would decrease was reflected in iron prices as a loss.

Iron ore futures fell in anticipation of a decrease in Chinese demand. Iron ore futures in Singapore reached a record level as demand was expected to increase. The price of iron ore in Singapore was trading at $ 173 per ton with a 5.4 percent depreciation, and then dropped more than 6 percent, continuing to lose. Thus, iron ore, which lost more than 20 percent from its record high this month, entered the bear market. The iron ore contract continued to depreciate on the 6th day at the Dalian Commodity Exchange. Steel prices have also started to decline. It was noted that China's efforts to take control of the rise in commodity prices and concerns that demand will decrease were effective in these losses, which were experienced after record increases. The Chinese government has announced that it will show "zero tolerance" to monopolies in the spot and futures markets. Today, a new step was taken and the sale of products of banks related to commodity futures was prohibited.