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.