Iron ore sinks deeper as gloom grips ferrous market

Oct 20 (Reuters) - Iron ore's losses deepened on Thursday, with the benchmark price of the steelmaking ingredient in Singapore hitting a fresh 2022 low, hammered by a gloomy outlook for global steel demand and supply-side pressures.

Steel prices in China, which accounts for about half the world's output of the construction and manufacturing material, also fell amid a worsening COVID-19 situation in Beijing.

The most-traded January iron ore on China's Dalian Commodity Exchange DCIOcv1ended daytime trade 3.1% lower at 667 yuan ($92.27) a tonne, after touching its weakest since Sept. 5 at 664 yuan.

On the Singapore Exchange, the benchmark November iron ore SZZFX2 contract tumbled up to 2.8% to $89.50 a tonne, a new low for this year.