Iron-ore takes fresh hit as concerns over global glut exact toll

Iron-ore slumped — following its fourth weekly loss in five — on concerns that a slowdown in steelmaking at Chinese mills, combined with record shipments from Australia and Brazil, would lead to a glut.

Futures dropped below $99 a ton in Singapore after shedding almost 3% last week. Chinese steel demand has been hurt this year as economic growth has slowed and the property crisis drags on. That’s driven benchmark product prices to multiyear lows, hurting mills’ profitability. Nationwide steel output in the first half trailed last year’s pace, with data for July due this week.