The iron ore price fell on Wednesday as a crisis engulfing property developers in China outweighed improving margins at mills.
Sentiment has turned shaky after iron ore’s solid gains last week. A private survey showed on Monday that China’s July new home prices and sales volume both fell from a month earlier. Analysts said confidence is unlikely to be quickly restored despite government support for the industry. China’s ailing property sector and its decarbonization goal, which entails cutting annual steel production for a second straight year in 2022, remain key concerns for iron ore traders, though rebounding steel margins offer support.