Iron ore slumps as demand darkens

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Benchmark iron ore futures in Asia tumbled on Monday, as a seasonal slowdown in construction activity in top steel producer and consumer China dampened sentiment, pulling down prices of the raw material to the lowest in nearly two weeks.

The most-traded September iron ore on China’s Dalian Commodity Exchange dropped 5.2 percent to 1,165 yuan ($180.57) a ton, its weakest since June 10.

The most-active July contract on the Singapore Exchange slid 2.9 percent to $200.90 a ton, the lowest since June 9.

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