Iron ore prices fell to their lowest level in more than five weeks, dropping below $100 per tonne. The reason was weak data on industrial profits in China, which highlighted the vulnerability of the country's economy. Futures in Singapore dropped to $99 per tonne, showing a second consecutive weekly decline. In November, Chinese companies' industrial profits fell for the fourth month in a row, which is likely to lead to the sharpest annual decline since statistics began in 2000. However, the profitability of the steel sector has improved slightly. Since the beginning of the year, iron ore has fallen by 29% due to the ongoing slowdown in China's economy, especially in the real estate sector, despite government stabilization efforts. At the same time, shipments from Australia and Brazil, the two largest exporters, continued to grow. Iron ore futures fell 1.8% to $98.95 per tonne, the lowest level since November 19, before recovering to $99.10. Steel futures also fell in Shanghai. There are different dynamics in the market of other base metals: copper on the London Metal Exchange rose by 0.5% after a two-day break due to the holidays, while aluminum and zinc decreased by 0.5%.
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