Iron-ore slides closer to $90 with China’s steel demand at risk

Iron-ore edged closer to its lowest since 2022 as the steelmaking material extended a selloff on fears for China’s crisis-wracked steel industry.

Futures in Singapore fell 1.5% to $92.20 a ton by 3:06 p.m. to head for a fourth daily decline. There’s been little sign yet that tough conditions for Chinese steel mills — oversupply, soft prices and weak profits — are improving as the world’s biggest steel industry faces up to long-term challenges.