SGX Iron Ore Futures Trade Below $100 1st Time Since 2013
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Iron ore futures in Singapore traded below $100 a metric ton for the first time since the contract started last year amid concern that slowing demand in China, the world’s biggest user, would worsen the global seaborne glut.
The contract for July settlement on the Singapore Exchange slid 1.3 percent to $97.75 a ton, the lowest level since April 2013. August futures fell 1 percent to $97.85, while prices for June tumbled 1.6 percent to $98. Iron ore is used to make steel.