NYMEX-U.S. crude falls on recession concerns

If approved by parliament, Chinalco could begin construction by the middle of next year.

Lower Chinese steel product inventory driven by robust exports also supported iron ore prices above $100/t.

The miner said the deal and other 2024 sales will raise $3.6 billion.

Looking beyond 2024-2025, BMI analysts maintained their view that iron ore prices will likely follow a multi-year downtrend.