Iron ore falls below 100 on high supply

The iron ore price dropped below $100 per ton for the first time since March, amid an oversupply and decreasing demand in China. Futures contracts declined by 2.3% to $98.90 per ton, reflecting lower steel production in China and stable inventories, which pose significant challenges for the mining sector amid declining investment assets and China's economic growth. Iron ore has decreased by approximately 6% so far this year, influenced by increased production from the Simandou mine in Guinea and the impact of falling oil prices on shipping costs.

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