Iron Ore Extends Drop as Demand Concerns Rise, Citi Cuts Targets

Iron ore headed for the lowest close since September on a seasonal slowdown in demand and signs Chinese mills are curbing steel output.

Futures fell for a fourth day in Singapore, sinking below $93 a ton. The rainy season in southern China, as well as high temperatures in the north, have persisted, slowing construction, Shanghai Metals Market said in a note.