Iron ore prices slump to one‑year low as China demand weakens

Iron ore futures in Singapore fell to $93.65 a ton, the lowest intraday level in a year, while Dalian contracts dropped nearly 3%. The decline is driven by soft steel demand in China amid a construction slowdown, rising inventories and increasing supply. Traders also cite uncertainty after major physical traders Vitol Group and Cargill Inc. cut ties with Radiant World over alleged fake invoices.

Technical analysis shows the price trading below the 50‑, 100‑ and 200‑day moving averages, with RSI at 23 and the price under the lower Bollinger Band. Key support is around ¥683 per ton; a break below could trigger further short positions, while a hold may allow long setups.

Analysts expect iron ore to average about $100/t in 2026 and slide toward $90/t in 2027 as steel scrap displaces demand.