The May iron ore contract on the Dalian Commodity Exchange (DCE) reached its lowest level in a month at 767.5 yuan/ton ($106) at the start of the session.
The January iron ore contract on the Singapore Exchange fell by 0.43% to $102.25/ton, marking its lowest level at $100.9/ton since November 25.
Some analysts stated, "We have long anticipated this correction, believing that the sentiment-based bubble surrounding China's Central Economic Work Conference will burst without any concrete stimulus measures being indicated until March 2025."
Other analysts noted that comments regarding a lower expectation of interest rate cuts by the Fed next year have had a negative impact on overall commodity markets.
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