Iron Ore Sinks Back Below $100 as Abundant Supplies Hurt Outlook (opens original article in a new tab)

Iron ore prices fell below $100 per ton as supply surges and weak Chinese demand pressured the market.

• Iron ore price dropped below $100 per ton due to abundant supplies and weak Chinese demand.
• Chinese steel production declined in May, and fixed-asset investment fell to pandemic-era levels.
• New Guinea mine output and lower oil prices reduced freight costs, affecting iron ore prices.