Iron Ore Futures Hit $102.50 Two-Month Low as Rising Supply, Weak Steel Demand Weigh
Updated
Updated · Bloomberg · Jun 4
Iron Ore Futures Hit $102.50 Two-Month Low as Rising Supply, Weak Steel Demand Weigh
3 articles · Updated · Bloomberg · Jun 4
Summary
$102.50 a ton marked iron ore's lowest intraday level since April 14, after futures fell as much as 1.1% in early Asian trading.
Rising supply and soft seasonal steel demand undercut sentiment, extending this week's losses and deepening the bearish mood in the market.
The contract is now heading for its lowest close since March, signaling that weakening fundamentals are pushing prices lower beyond a brief intraday dip.