Iron-ore woes deepen as inventories in China keep piling up
Iron-ore slumped almost 5% — heading toward the $110 a ton mark — as disappointing demand in China left the market lumbered with bulging inventories.
The steelmaking material has tumbled by almost a quarter from a peak in early January as China’s real estate and manufacturing activity remained under pressure. The annual National People’s Congress in Beijing, which concludes Monday, offered few prospects of a demand boost, and iron ore stockpiles at ports have ballooned to their highest in a year.