Iron ore tumbles to three-month low as China demand concerns persist

News Snapshot:

Iron ore futures fell to three-month lows Tuesday, with the Singapore benchmark sinking more than 5% to hit its lowest intraday price since early November, weighed by worries over the demand outlook in top consumer China despite the latest attempt to revive its property market. China cut its five-year loan prime rate by 25 bps to 3.95%, compared to a forecast of a cut of 5-15 bps, but analysts said it was not enough to counter the persistent weakness in the ferrous market. Singapore's benchmark March iron ore contract (SCO:COM) recently traded -4.9% at $121.10/ton after hitting a low of...