Iron Ore Futures in Singapore Slump 12% on China Demand Woes

Iron ore futures in Singapore dropped as much as 12% to the lowest in two months in early Asia trading on rising concerns over demand for the steel-making raw material in China. 

• Futures traded 7.9% lower at $138.90 a ton at 7:38 a.m.
• Residents in the Chaoyang district of Beijing were told to submit to three days of Covid testing starting Monday in a bid to snuff out a rash of cases in the area.