Iron ore plunged more than 7% in Singapore -- giving up all its gains this year -- as steel mills idled blast furnaces amid growing pessimism over the demand outlook in China.
The steel-making ingredient has now lost around a fifth of its value in a run of declines that’s extended to an eighth day. Chinese prices of metallurgical coal, used to make steel, were down as much as 12% at the lowest since late February.
Consumption of iron ore has been hit by China’s slumping property market and the country’s inability to put the coronavirus behind it. While there