Iron-ore woes endure as Chinese steel demand faces 'last hurrah'

Iron-ore’s rollercoaster ride this year is set to end with a whimper as the contraction in China’s steel industry heralds further declines. The steelmaking ingredient was in the vanguard of this year’s commodities boom, but has plunged 60% from a record above $230 a ton in May. Curbs on steel output, alongside a property crackdown and concerns about a power shortage, have hammered iron-ore demand in China.