Iron Ore’s Reset to $100 Heralds China’s New Economy Shift

Iron ore’s reset to around $100 a ton is indicative of a broader reshaping of China’s commodities markets that favors the new economy over the old.

The steelmaking material plunged to $95.40 a ton on Monday, a 10-month low, before nosing back into three figures, testimony to the damage still being wrought by a years-long property crisis that appears far from over. In early January, Singapore futures hit $143.50 a ton, their highest since June 2022. They last traded at $100.85, marking a 30% slump.

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