Iron ore has endured one of its worst weekly performances on record as Chinese steel mills dumped the commodity in response to government production curbs and a cooling property market.
The steelmaking raw material, which hit a record high above $230 a tonne in May, traded at $100.80 on Friday, down 22 per cent over the week, according to a price assessment by S&P Global Platts.
The last time it suffered a sell-off of this magnitude was during the financial crisis in 2008, analysts said.
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