Iron Ore Battered to 2022 Low as China’s Steel Crisis Hits Home
- The global market ‘is oversupplied,’ Macquarie’s Garvey says
- Futures sink about 8% this week as top mill warns of downturn
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Iron ore headed for a brutal weekly loss, hitting the lowest level since 2022, on concern that a steel-industry crisis rippling across China will sap demand, while supplies from miners remain robust.
Futures traded below $93 a ton in Singapore, after hitting an intraday low of $92.20. The steel-making staple — one of this year’s worst performing commodities — has shed almost 9% this week, the most since March.