09:51 AM EDT, 08/15/2024 (MT Newswires) -- Iron ore prices fell 2.3% week-over-week to $98.25 per dry metric ton due to weaker demand signals from China and robust supply, RBC Capital Markets said in a Wednesday note.

RBC noted that the downward progression of steel prices and margins has forced an increasing number of integrated steelmakers to cut production.

RBC also said Chinese steelmakers have apparently begun to prefer low-grade materials again due to their lower cost.

Meanwhile, met coal prices were down 4% to $206 per tonne while thermal coal prices rose.

RBC said met coal prices continued to trend downward as end-use demand for steel continues to contract in China and India, with monsoon rainfalls likely to continue impacting Indian imports and construction activity until mid-September.