Iron Ore Slumps Below $100 Amid China Economic Concerns

On March 17, 2024, iron ore hit the lowest level since last May to trade well below $100 a ton ahead of data from China that may point to further weakness across its vast steel industry. Futures declined as much as 3% to $97 a ton in Singapore after collapsing by more than 13% last week. Industrial production data are due later on Monday, offering insight into conditions across Asia’s largest economy. This has occurred as port holdings have expanded to the highest level in a year, signifying a potential decline in demand for iron ore.