Iron Ore Slides to Seven-Month Low as Trade War Fears Mount
- Tariff risks, supply weighing on prices, Marex Spectron says
- Australian government predicts drop back into the $50s a ton
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Iron ore’s starting to buckle after a series of warnings that prices are set to drop amid rising global supply, and as investors fret about the potential impact of escalating trade tensions between the U.S. and China.
Benchmark spot ore eased to $62.50 a ton on Thursday, the lowest since November, according to Mysteel. In Singapore, SGX AsiaClear futures sank as much as 1.5 percent to $62.88 a ton, the cheapest since April 9, while the contract on the Dalian Commodity Exchange fell almost 4 percent this week.