Iron Ore Futures Drop 2.1% Below $100 in Singapore as China Demand Weakens
Updated
Updated · Bloomberg · Jun 17
Iron Ore Futures Drop 2.1% Below $100 in Singapore as China Demand Weakens
2 articles · Updated · Bloomberg · Jun 17
Summary
$99.10 a ton marked iron ore’s first drop below $100 in Singapore since March, with futures falling as much as 2.1% for a second straight daily decline.
Abundant seaborne supply pressured the market just as China’s demand outlook deteriorated, undermining support for the steelmaking raw material.
May steel production in China, the world’s biggest iron ore importer, shrank again this week, signaling weaker near-term consumption.
Fixed-asset investment also slumped to its weakest level since the pandemic, reinforcing concerns about China’s broader economic momentum.