Futures fell for a fourth day in Singapore, sinking below $93 a ton. The rainy season in southern China, as well as high temperatures in the north, have persisted, slowing construction, Shanghai Metals Market said in a note.
On Monday, figures from China — the top iron ore importer — showed nationwide steel output in May was below April’s total on a daily basis, and almost 7% less than a year ago. It was the weakest showing for the month since 2018.
The steel-making staple has been under pressure in recent weeks as traders eye a slower pace of construction into the summer, as well as a push by authorities in China to curb steel output to combat a glut. Futures are coming off the back of a four-week losing run that was the longest since January.
