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Iron ore falls under $100 amid muted Chinese demand
Iron ore prices fell below $100 per ton for the first time since March, reaching $98.90 on the Singapore Exchange. This decline was driven by abundant supplies and weak demand in China, where industrial production, including steel output, decreased in May, leading to higher inventories and impacting the profitability of mining companies. The drop coincided with increased production at the Simandou mine in Guinea and declining oil prices, further pressuring the market. Although some officials remain optimistic about the demand outlook in other Asian countries, China's weak demand continues to be the main factor influencing iron ore prices.
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