Commodities
Iron Ore Tumbles Below $95 as China’s Steel Crunch Roils Market
Iron ore slumped to two digits on Monday after the underwhelming Chinese data.
Photographer: Vincent Mundy/BloombergThis article is for subscribers only.
Iron ore dropped to a two-week low after losing its hold above $100 a ton, as China’s steel market shows few signs of a revival.
Futures in Singapore fell as much as 2.7% on Tuesday, adding to Monday’s 4.2% slump — the biggest daily drop in three months. Disappointing Chinese manufacturing and property data has bolstered bears who see little chance of a meaningful recovery in demand.