Key facts
- Iron ore futures are set for a fourth consecutive weekly loss.
- Prices are retreating due to a seasonally weakening market.
- Increased exports from Guinea's Simandou project are contributing to the decline.
Iron ore futures are heading for their fourth straight weekly loss, with prices retreating amid a seasonally weakening market. This downturn is exacerbated by increased exports from Guinea's Simandou project, which has led to a surge in global supply. The combination of higher supply and softer seasonal demand for steel has weighed on market sentiment.