Iron Ore Back Below $100 as China’s Steel Curbs Roil Market
- Futures in Singapore touched the lowest since September
- China’s daily steel output at lowest since March 2020: Mysteel
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Iron ore futures traded back below $100 a ton on shrinking steel output in China and signs economic growth is facing mounting headwinds.
Prices slumped as much as 8.6% in Singapore on Tuesday as the world’s top steelmaker ramped up efforts to cap annual steel volumes. While China has imposed curbs on production throughout 2021, restrictions are now being rolled out more frequently and limits have been extended into the first quarter in an effort to ensure blue skies for the Winter Olympics.