Iron Ore Futures in Singapore Decline to Lowest Since ’13

Iron ore futures in Singapore fell to the lowest level since the contract started last year on concern that slowing demand growth in China, the biggest user, could worsen the global seaborne glut.

The contract for June settlement on the Singapore Exchange slid as much as 1.6 percent to $100.65 a metric ton, the lowest level for most-active futures since April 2013, and traded at $100.75 as of 1:34 p.m. local time. The contract is heading for a third weekly drop. Iron-ore swaps for June lost 1.6 percent to $102.25 yesterday, based on data from SGX AsiaClear, the largest clearer of the derivatives.