What happened
Iron ore futures slipped for a third consecutive session to hit their lowest price in over two years, with Singapore benchmark contracts falling to $89.85 a ton. Market analysts attributed the decline to weak peak-season steel demand in China and expectations of rising supply from Guinea's Simandou project.
Why it matters here
Iron ore remains Australia's single largest export earner. Sustained price declines below US$90 a ton directly compress cash flows, mining tax revenues and dividend distributions for major Pilbara exporters including BHP Group, Rio Tinto and Fortescue.
What to watch
Official Chinese steel mill production figures, domestic property sector support policies, and further shipment updates from Guinea's Simandou mine project development.
Source
mining.com