Iron Ore Prices Hit One-Year Low as China Demand Slump Deepens

Iron ore futures in Singapore fell to their lowest intraday level in one year as deteriorating fundamentals continued to weigh on the market. Steel demand in China remains soft amid an ongoing construction slump and weakening mill margins, while supply continues to increase, reinforcing expectations of a growing surplus. Bloomberg noted earlier that the latest concerns surrounding major physical trader Radiant World added another layer of uncertainty, but the bigger bearish narrative remains centered on lackluster demand failing to absorb…