The most-traded January iron-ore contract on China's Dalian Commodity Exchange (DCE) DCIOcv1 ended daytime trade 4.12% lower at 675.0 yuan ($95.13) a metric ton, marking its steepest daily fall since October 31, 2022. Chinese markets were closed on Monday and Tuesday for a holiday.
The benchmark October iron-ore SZZFV4 on the Singapore Exchange was 1.85% lower at $90.50 a ton, as of 0723 GMT.
Goldman Sachs on Monday cut its iron-ore price forecast for the fourth quarter of 2024, citing market oversupply, even though demand from China is stabilising.
"We note potential price support from pre-Golden Week holiday restocking over the next two weeks, but a continuing build in total iron-ore stocks is setting the scene for another price drop in October," Goldman Sachs analysts said in a note, referring to China's annual week-long holiday next month.
