Iron Ore Sinks to 10-Month Low on Gloom Over China Construction

(Bloomberg) — Iron ore dropped to the lowest level in 10 months as the steelmaking material faced a double whammy of limp Chinese construction activity and a renewed surge in supply.

Futures in Singapore slumped below $100 a ton early Monday, tumbling almost 4%. China’s years-long property crisis is still wreaking havoc on demand, while rising availability is compounding the pressure on prices.