Iron ore futures, particularly the Singapore benchmark and China's Dalian Commodity Exchange, have declined for a fifth consecutive session, reaching their lowest levels in nearly three weeks. The demand outlook is clouded by a weaker steel market and a lack of fresh stimulus in China. Mounting losses among steel mills, coupled with a seasonal slowdown and no anticipated new stimulus policies from Chinese authorities, have impacted the iron ore market. Pessimism from China's disappointing stock market performance has also contributed to subdued market sentiment, extending the weakness to other steelmaking ingredients and related benchmarks. Analysts suggest keeping an eye on support levels amid the ongoing downtrend in iron ore prices.

SOURCE:HELLENIC SHIPPING NEWS