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Iron Ore Heads to $80 Amid ‘Loss in Confidence’ as Slump Extends

  • Steelmaking material extends August rout on demand concerns
  • China’s government reiterates cautious approach on stimulus
Operations At Liberty Steel Mills As Iron Ore Sinks
Photographer: Chris Ratcliffe/Bloomberg
Updated on

Iron ore sank toward $80 a ton -- extending this month’s rout -- after China poured fuel on demand fears by reiterating a cautious tack on stimulating the economy even as global trade tensions escalate.

The steelmaking ingredient in Singapore tumbled to its lowest since late-March after China’s central bank late Friday signaled it would continue a targeted approach to shoring up growth in the world’s biggest steel consumer. That’s adding to growing jitters around demand as the U.S. and China’s widening rift sows broader fears about global growth. Futures are down more than a quarter in August.