Iron Ore Extends Epic Sell-Off as Rout Drives Futures Below $90
- Contract in Singapore set for longest run of losses this year
- Plunge driven by concern on Chinese demand, trade-war impact
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Iron ore has yet to find a bottom, extending a brutal sell-off on rising concern Chinese demand will weaken this half as supplies rebound. That blow adds to trade-war headwinds as investors shun risk assets.
Futures in Singapore sank into the $80s a ton, while the contract in Dalian hit the lowest since May. On Tuesday, Fortescue Metals Group Ltd. warned there’s potential for mainland demand to soften this half compared with the first six months. That’s just the latest red flag after a run of indicators from rising port holdings to sinking mills’ profitability that foreshadowed the market’s swoon.