Iron ore drops

MANILA: Dalian and Singapore iron ore futures dropped below $100 a tonne on Tuesday, while spot prices slumped to the lowest in a week, pressured by renewed worries over Covid-19 curbs and steel output restrictions in top producer China.

The most-traded January iron ore contract on China’s Dalian Commodity Exchange fell as much as 4.1% to 688.50 yuan ($99.51) a tonne, the weakest since Aug. 23.

Steel prices also stretched losses after authorities in China’s southern city of Shenzhen shut the world’s largest electronics market of Huaqiangbei and suspended service at 24 subway stations on Monday in a bid to curb a Covid -19 outbreak.