Iron ore fell to its lowest level since May of last year, trading for far under $100 per ton ahead of Chinese statistics that might indicate additional deterioration throughout China's extensive steel sector.

After plunging more than 13% last week, futures in Singapore saw a 3% decrease to $97 per ton. Later on Monday, Later on Monday, Numbers on industrial output that give a general picture of the condition of the biggest economy in Asia are anticipated.

Among the main commodities, iron ore has performed poorly, falling more than 25% since the year's beginning. The main cause of the downturn has been worries about demand in China, where authorities are facing a protracted crisis in the country's steel-intensive real estate sector. In light of this, several mills have begun cutting back on output.

Chinese smelters have announced output cutbacks, ANZ Group Holdings Ltd. stated in a report written by analysts including Daniel Hynes. "Signs of weakness in demand continue to emerge."

The world's largest importer, China, has been holding more iron ore at its ports, suggesting a plentiful supply. The level of inventories reached its highest point in almost a year last week, totaling 140.9 million tons.