Iron Ore Hits Lowest Since 2022 as Steel Crisis Rattles Market

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Bloomberg News

Steel Demand,Iron Ore,Global Supply

(Bloomberg) -- Iron ore hit the lowest level since 2022 on concern that global supply is running ahead of demand, with China’s steelmakers mired in a crisis ...

-- Iron ore hit the lowest level since 2022 on concern that global supply is running ahead of demand, with China’s steelmakers mired in a crisis and cutting output just as major miners boost exports.Futures sank for a fourth day in Singapore, falling below $94 a ton, as data from China showed mills reduced steel production to about 83 million tons last month, 9% lower than a year earlier. The country is the largest importer of seaborne iron ore, and sets the tone in the global market.

Futures of the steelmaking material retreated by as much as 2% to $93.70 a ton — the lowest intraday price since November 2022 — before trading at $94.60 at 10:19 a.m. in Singapore. The recent sell-off has pummeled miners’ shares, with stock in BHP Group Ltd. down by more than a fifth in Australia this year.

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