Iron Ore’s Collapse Deepens as China Factory Data Deals New Blow
- China manufacturing index for October points to contraction
- Malaise in steel market has battered raw-materials demand
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Iron ore slumped more than 7% on Monday to touch its lowest since early 2019, extending a long rout as factory data in China added to demand pessimism.
The raw material for steel is heading for its worst month in more than a year as China’s economy shows few signs of a decisive recovery and its steelmakers face deepening losses. China’s official gauge of factory activity for October missed estimates and pointed to a contraction.