China's insatiable demand for iron ore, crucial for urban development and infrastructure, has led to price fluctuations tied to its economic growth and construction markets.
Currently, China's construction sector is facing challenges due to millions of vacant housing units, which has significantly weakened steel demand and, consequently, iron ore consumption.
With iron ore's price dropping over 30% this year, from its 2021 peak, analysts indicate it's one of the worst-performing commodities in the market.
Prior to China's economic expansion, the iron ore market was stable, but the rapid industrialization in the early 21st century led to unprecedented price surges.
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