Iron ore price falls below $90 for first time since 2022

Iron ore price fell below $90 a ton on Monday as the industrial metal faces challenges from weak demand in China and concerns about global growth. Citigroup Inc. predicted that uncertainty over the U.S. presidential election in November could slow the global economy and weigh on metal prices. In Singapore, iron ore prices fell 2.3% to $89.6 a ton on Monday, before paring losses to $90.6, Bloomberg reported. Iron ore futures have fallen by more than a third this year as demand for steel in China has weakened due to the ongoing property crisis.