Iron Ore Hits Five-Week Low as Traders Fret About Chinese Demand
Iron ore futures dropped to $99.45 a ton, the lowest intraday price since Nov. 19, before trading at $99.70 at 10:59 a.m. local time.
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Iron ore sank to the lowest in more than five weeks — falling below $100 a ton — as poor industrial profits in China highlighted the nation’s economic weakness, although mills’ performance did improve.
Futures touched $99 a ton in Singapore, on course for a second weekly loss. As a whole, China’s industrial firms saw profits drop in November for a fourth month, putting them on track for the sharpest annual decline since records began in 2000. Still, steelmakers’ profitability ticked higher last month.