Iron Ore Plunges Most Since 2022 as Inventories Pile Up in China
- Stockpiles at Chinese ports are at the highest level in a year
- Steelmaking input down about a quarter from early January
A freight train carrying iron ore in Western Australia.
Photographer: Carla Gottgens/BloombergThis article is for subscribers only.
Iron ore slumped more than 7% — dropping below the $110 a ton mark — after disappointing demand in China left the market lumbered with swelling inventories.
Iron ore has tumbled by around a quarter from a peak in early January as China’s real estate and manufacturing activity remained under pressure. The annual National People’s Congress in Beijing, which concluded Monday, offered few prospects of a demand boost, and iron ore stockpiles at ports have ballooned to the highest in a year.