(Bloomberg) -- Iron ore futures extended losses below US$100 a ton on shrinking steel output in China and signs economic growth is facing mounting headwinds. Prices in Singapore slumped for a fifth day as the world’s top steelmaker ramped up efforts to cap annual steel volumes. There were frequent requests from local governments to curb production, while lackluster steel demand and softening prices have dampened mills’ willingness to produce, it said. "The probability that iron ore demand slides by at least 20% in the fourth quarter is increasing, judging from lower downstream demand,” said Orient Futures Co. analyst Xu Huimin. Iron ore futures in Singapore dropped 7.5% to US$92.75 a ton by 2:59 p.m. local time.

Source: The Star November 02, 2021 23:34 UTC