Iron Ore Plunges Most Since 2022 as Inventories Pile Up in China

(Bloomberg) — Iron ore slumped more than 7% — dropping below the $110 a ton mark — after disappointing demand in China left the market lumbered with swelling inventories.

Iron ore has tumbled by around 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 concluded Monday, offered few prospects of a demand boost, and iron ore stockpiles at ports have ballooned to the highest in a year.