SINGAPORE: Iron ore futures dropped for a second consecutive session on Friday, tracking a broad commodities sell-off triggered by a slump in Wall Street tech stocks, with the Singapore contract falling below $100 for the first time since November 2025.
The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) traded 1.23% lower at 760.5 yuan ($109.58) a metric ton, as of 0303 GMT.
The contract has lost 3.91% so far this week.
The benchmark March iron ore on the Singapore Exchange was down 0.91% at $99.7 a ton.
The iron ore contract has lost 3.99% this week so far, and is on track for a fourth consecutive weekly decline.
Iron ore prices fell along with other commodities, led by gold and silver, following a tech selloff on Wall Street over concerns about the artificial intelligence boom.
Weaker fundamentals have been pressuring iron ore prices down past the $100 threshold, with both inventories and shipments at Chinese ports building in recent weeks, according to a report from ANZ released on February 6.
Meanwhile, Rio Tinto has walked away from takeover talks with Glencore to create the world’s biggest mining company.
However, declining shipments from top suppliers Brazil and Australia could provide some support for iron ore prices. Brazil reported declining shipments of iron ore in January, below forecasts as the world’s second-largest iron ore producer undergoes its rainy season which typically lasts until April or May.
Key Australian ports for iron ore exports are being cleared due to cyclone threats, which could disrupt iron ore supply. Cyclone season in Australia typically lasts until April.
Other steelmaking ingredients on the DCE languished, with coking coal and coke down 2.33% and 0.83%, respectively.
Steel benchmarks on the Shanghai Futures Exchange lost ground.
Rebar shed 0.48%, hot-rolled coil retreated 0.37%, wire rod softened 0.47% and stainless steel decreased 0.85%.
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