The price of iron is declining in the midst of the fear of the economic future of China

Iron and basic mineral ore prices have been in the midst of concerns about the prospects for the Chinese economy, after the manufacturing activity in the country has dropped to the lowest level in more than two years. The future contracts for iron ore used in the steel industry have decreased after the “Kayishin” index of the manufacturing sector purchases in May dropped to 48.3 from 50.4 in April, the lowest level since September 2022 and much less than the 50 point separating growth and contraction. The impact of commercial ceasefire formed the decline in the “Kaishin” index of a surprise, as economic experts are expected to record an average lecture (the value in the middle of the set of estimates) at 50.7, and the data of the official purchase managers released on Saturday was stronger. This survey, which focuses more on export, reflects how factories in China have handled the commercial ceasefire with the United States over the past month. As the increase in tension is renewed, the customer is likely to be careful in their trade. Future iron contracts have dropped, future Iron -Ru contracts in Singapore fell 1.5% to $ 93.85 per tonne before trading at 10:34 p.m. at $ 93.90. The future contracts denominated with the Yuan on the Dalian Stock Exchange, together with the decline in steel contracts on the Shanghai Stock Exchange. The price of buyer on the London Metal Stock Exchange fell 0.5% after it was closed at the highest level on Monday. The price of aluminum fell 0.9%, while the price of zinc fell by 1%.