Iron ore price slides to 4-month low on higher China inventories, slow construction

The benchmark March iron ore on the Singapore Exchange was 3.41% lower at $115.95 a ton, as of 0706 GMT, also the lowest since Oct. 27.

“Inventories of iron ore at major Chinese ports rose. Supply concerns also eased, with a cyclone threatening WA (Western Australia) ports now tracking away from the state’s iron ore hub,” analysts at ANZ bank said in a note.

Inventories at major Chinese ports surveyed climbed by 2.1% on-week to 133.1 million tons in the week to Feb. 23, hitting the highest since April 2023, data from consultancy Steelhome showed.

Also, Vale, the world’s second-largest supplier of iron ore, said the latest train…