Iron Ore Retreats as Traders Stay Cautious on Demand Outlook

Iron ore extended its losing streak for a fourth day as traders remained cautious about demand and assessed moves to limit overcapacity in China’s steel sector.

The steel-making material dropped to a three-week low as industry players, gathered at the annual Singapore International Ferrous Week, weighed expectations for production cuts at Chinese mills. Meanwhile, daily ore flows from Brazil increased from the month before.