Economics
Iron Ore Reels Again as Citigroup Says It's Bearish on Outlook
- Bank highlights global oversupply as miners boost production
- SGX AsiaClear futures in Singapore sink back below $60 a ton
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Iron ore is getting walloped, over and over again. Prices tumbled, with futures in Singapore plummeting back into the $50s a metric ton, as Citigroup Inc. said that it’s bearish on the outlook amid expectations for global oversupply and a slowdown in Chinese steel demand growth.
The most-active SGX AsiaClear contract lost as much as 7.2 percent to $59.24 a ton and was at $60.45 at 6:02 p.m. local time, set for the lowest close since Oct. 27 and extending the previous day’s 5.8 percent slump. Futures in Dalian sank 5.1 percent. Benchmark spot ore with 62 percent content in Qingdao retreated 4.6 percent to $63.20 a dry ton, according to Metal Bulletin Ltd.