Iron ore prices have fallen for the fifth consecutive day, reaching their lowest level since April, driven by a significant decline in demand from the Chinese steel market. The price of iron ore has dropped to $92 per ton, reflecting a year-over-year decrease of over 13%. Experts attribute this decline to the ongoing slump in China's real estate sector, which has not shown signs of recovery, leading to reduced demand for steel products.

It is indicated that the demand for steel, particularly in construction, is expected to continue its downward trend. Despite seasonal fluctuations, the decrease in inventories is providing some support to prices, preventing a more severe drop. Citigroup has projected that prices could further decline to $85 per ton within the next 6 to 12 months, indicating a prolonged bearish outlook for the iron ore market.