Gold ore prices have declined for the fourth consecutive session, marking the longest series of declines in almost three months. This came amid concerns about a deteriorating demand outlook in China.
Bloomberg writes that the cost of raw materials for steel production was trading at about $107 per ton and reached its lowest level in more than two weeks. The price drop came after information about a slowdown in the Chinese economy in April and a renewed decline in investment amid the global energy crisis affecting businesses and consumers around the world.
Zhou Mingbo, head of ferrous metals research at GF Futures Co, said that the recent rise in steel prices has outpaced demand. According to her, Chinese steel exports have also started to decline, as high prices are holding back consumption abroad.
As of 5:57 a.m. Kyiv time, the price of iron ore fell 0.8% to $107.35 per ton.
