Iron Ore Hits Lowest Since November as Demand Concerns Escalate
- Steelmaking staple has tumbled by 11% since the start of year
- Huatai Futures flags muted steel output before Lunar New Year
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Iron ore hit a three-month low as the upcoming Lunar New Year and ongoing property market crisis cast a shadow over Chinese demand.
Benchmark futures in Singapore dropped for the fifth time in six sessions, sinking below $124 a ton overnight to hit the lowest intraday level since early November. Hot-metal production in China is muted, with pre-holiday steel demand generally weak, according to Huatai Futures Co.