ADELAIDE, Australia—Iron-ore prices have slumped to a three-year low as a sharp slowdown in Chinese homebuilding combines with Beijing’s zero-Covid strategy to sap demand for the steelmaking commodity.
The benchmark price of iron ore—one of the world’s most-traded commodities—fell by 17% in October from September to end the month more than 50% below its 2022 high, which was set in March.
