%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment The price of %IronOre is down 7% and has fallen below $110 U.S. a ton, its lowest level in two years, as inventories grow in China. Iron ore is a key ingredient in steelmaking. The commodity’s price has declined by 25% so far in 2024 as China’s real estate and manufacturing activity continues to weaken. Iron ore stockpiles at China’s seaports are now at their highest level in more than a year, exerting downward pressure on prices. In Asian trading on the Singapore exchange, the price of iron ore dropped 7% to $107.10 U.S. a ton. Steel contracts on the Shanghai exchange also continue to fall. Construction activity in China remains anemic as a government crackdown on property debt erodes a major source of steel demand worldwide. There is hope that an upsurge in the U.S. property market later this year as interest rates move lower could help spur greater demand for steel products, and, by extension, iron ore.