Iron ore hits 2-year low as concerns over China demand dominate

Iron ore prices reached their weakest levels in over two years on Tuesday as traders reassessed demand from China, the largest consumer, Business Recorder reported. On the Dalian exchange, the most active contract was down 1.19% at 662 yuan ($99.25) per metric ton by 0214 GMT, after slipping to 661.5 yuan, its lowest since September 24, 2024.

Singapore’s November benchmark fell 1.15% to $89.45 a ton by 0204 GMT, after touching $89.3, a low not seen since September 23, 2024. Analysts cited seasonal softness in steel use, weak mill margins and expectations of more ore supply in the fourth quarter; high port stocks also discouraged mills from restocking. Coking coal and coke declined 2.03% and 1.86%, while Shanghai-traded steel contracts also fell, including rebar, hot-rolled coil, wire rod and stainless steel.