Iron ore extends slide below $US100 a tonne

News Snapshot:

The spot price of iron ore traded in Singapore closed below $US100 a tonne to its lowest in more than seven months, taking the year-to-date drop to more than 26 per cent. In a note, Liberum Capital’s Tom Price said “we’re usually constructive on iron ore’s demand and price outlook during December to May, sometimes even short-term bulls” but not this year. The outlook for China’s property sector remains “weak, grim”, Liberum Capital. Bloomberg Mr Price said the slide to start 2024 “is now looking weaker” than a year ago. While industry checks confirm a “downbeat mood”, he said the...