Iron Ore Futures Drop Below $100 to $99.80 as Chinese Demand Slows and Supplies Rise

Iron ore futures for 61%-content ore fell to $99.80 a ton, the lowest since August 2025, as Chinese demand is expected to slow before the Lunar New Year and supply remains abundant. Stockpiles at major Chinese ports and mills reached the highest level since 2022, with mills reducing hot-metal output and restocking activity ending. Output declines year-on-year in the steel market, while major producers in Australia and Brazil increase production and a new Guinea project adds to seaborne supply. The pricing dispute between BHP Group and China Mineral Resources Group Co. may also be contributing to higher holdings. March futures traded 0.8% lower at 10:41 a.m. Singapore time.