Iron-ore has gone from high-flier to sinking star in a matter of weeks. The commodity that lit up the first half with a stunning rally dropped back below $100/t as supplies pick up, mills’ profitability falls and investors dump raw materials amid the escalating trade war.
Most-active futures in Singapore, which retreated 10% last week, lost as much as 7% to $95.96/t, while the contract on the Dalian Commodity Exchange sank further after dropping into bear market territory. Miners’ shares fell.