Iron Ore Sinks Back Below $100 as Abundant Supplies Hurt Outlook

Iron ore futures fell below $100 per ton for the first time since March, dropping as much as 2.1% to $99.10 in Singapore, as abundant seaborne supplies met weakening demand from China. China's steel production shrank again in May and fixed-asset investment slumped to pandemic-era lows, adding to demand headwinds. The commodity has declined about 6% this year, with traders also watching the ramp-up of output from Guinea's Simandou mine and a slump in crude oil-driven freight rates.