Singapore iron ore futures fell below the key psychological level of $100 per metric ton on Friday.

At 03:53 GMT, the February reference price for iron ore on the Singapore Stock Exchange was down 2.67% to 98.2 dollars per ton, the lowest since November 18. The most traded iron ore contract in May on the Chinese Commodity Exchange in Dalian (DCE) ended the morning session down 2.37% to 762.5 yuan (104.46 dollars) per ton, the lowest level since December 30. Due to the seasonal drop in demand for the key ingredient in steel manufacturing, both benchmarks were on track for a third consecutive weekly decline, losing 0.3% and 0.7% respectively. Dalian iron ore fell by 16% in 2024 and the Singapore benchmark fell by 18.5%