Singapore iron ore futures fell to $93.65 a ton, the lowest level in a year, while Dalian contracts dropped nearly 3%. Trader Radiant World is under scrutiny after Vitol and Cargill cut ties over fake invoice concerns, adding fresh uncertainty on top of weak demand.
UBS expects iron ore to average around $100 a ton in 2026 before sliding to roughly $90 in 2027 as steel scrap starts displacing demand.
Steel demand in China remains soft amid an ongoing construction slump and weakening mill margins, while supply continues to increase, reinforcing expectations of a growing surplus.
