The price of iron ore experienced a decline on Wednesday due to several factors. Firstly, there was lower-than-expected steel production, which raised concerns about the demand for iron ore in China. As the largest consumer of iron ore globally, any decrease in steel output can have a significant impact on its demand. Additionally, the ongoing property crisis in China also contributed to the uncertainty surrounding the demand outlook. The property sector is a major consumer of steel, so a crisis in this industry can further dampen the need for iron ore. However, earlier in the session, improved economic data from China briefly supported the prices of iron ore, providing some relief to the market.
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