Iron ore slipped as Chinese steel mill profits came under pressure amid an uncertain outlook for demand. Futures of the steelmaking staple fell as much as 1.4% to $103.20 in Singapore trading. Prices are on track for their second weekly drop as traders assess conditions in the world’s biggest market for steel.

“Iron ore’s $100-a-tonne floor faces mounting pressure in 4Q as weak Chinese fixed-asset investment and poor steel-mill profitability underscore fragile fundamentals,” Bloomberg Intelligence said in a note, which cited a correction in Chinese steel prices for pushing mills back into the red.

Data from Chinese consultancy Mysteel showed an increase in iron ore inventories at mills and ports. The buildup comes after Chinese imports rose to a record last month, while the first ore fro

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