Iron ore prices have fallen to an annual low due to weak demand from China.

For the first time in almost a year, iron ore futures in China fell below 600 yuan ($93.75) per ton due to weak supply conditions and poor demand forecasts. It is noted that ore supplies from Australia and Brazil remained relatively high. Iron ore reserves in 45 Chinese ports this week rose to 146.5 million tons, which is 4.05 million tons more than the previous week. Demand for raw materials has remained weak amid controls on steel production and slow consumption.