Iron ore price, page-37867

Dozens of anxious investors protested outside the headquarters of troubled Chinese property giant Evergrande on Tuesday, after the debt-laden firm conceded it was under “tremendous pressure” and may not be able to meet its repayments.

Evergrande’s plight has raised fears of a contagion across the debt-mired Chinese property sector — which accounts for more than a quarter of the world’s second-largest economy — with a knock-on for banks and investors.

The Hong Kong-listed developer is sinking under a mountain of liabilities totalling more than $410 billion after years of borrowing to fund rapid growth.

The situation is being watched closely in Australia. Should Evergrande collapse, the reduction in construction would significantly reduce demand for iron ore. That in turn could push the price for iron ore lower. Today it was trading at $164 per tonne — down almost two per cent.