Iron ore sinks to 10-month low on gloom over China construction

Iron ore dropped to the lowest level in 10 months as the steelmaking material faced a double whammy of limp Chinese construction activity and a renewed surge in supply.

Futures in Singapore slumped through $US100 a tonne early Monday, tumbling almost 4 per cent. China’s years-long property crisis is still wreaking havoc on demand, while rising availability is compounding the pressure on prices.