Iron ore extended its slump below $100 a tonne and copper prices dropped in New York on Monday as China stepped up restrictions on industrial activity and fears about the collapse of the country’s largest property developer intensified.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $92.98 a tonne, down 8.7% from Friday’s closing. Prices have collapsed about 60% since hitting a record in May, and are below three figures for the first time in more than a year.
China produces more steel than the rest of the world combined and Beijing is implementing production curbs this year as it works toward a target of reaching carbon neutrality by 2060.
Copper for delivery in December fell 3% from Friday’s settlement price, touching $4.116 per pound ($9,166 per tonne) midday Monday on the Comex market in New York, a month low. Copper prices hit a record high of more than $10,500 a tonne in May.
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