Katharine Gemmell

The next big growth market will align closely with domestic spending on infrastructure.

BHP Group and Rio Tinto Plc are looking increasingly to India as the next big growth engine for global steelmaking, underscoring how the world’s biggest iron ore suppliers are preparing for a future beyond China.

Iron ore sank below $100 a ton for the first time since March on signs of abundant seaborne supplies just as demand in China faces headwinds.

Iron ore headed for a seventh weekly loss — the worst run since 2022 — as demand weakened seasonally and mill margins narrowed.

Iron ore set for seventh straight weekly loss as market softens Futures were 0.4% lower at $97.15 a ton at 10:40 a.m. in Singapore.

China’s state-backed iron ore buyer has expanded its curbs on Fortescue Ltd.’s iron ore to include new purchases of its Super Special Fines product and not just portside inventories, escalating its dispute with the Australian miner.

Iron ore rose after China’s state-backed buyer of the commodity expanded curbs on Australian miner Fortescue Ltd., and as a slump in prices over the last couple of months attracted buyers.

Workers at BHP Group’s Port Hedland iron ore export terminal in Western Australia will stage an eight-hour strike on July 16, unions said, after failing to reach agreement with the company in more than six months of talks.

Will stage an eight-hour strike on July 16, unions said, escalating tensions with the mining giant and potentially putting some supply at risk.

Iron ore was on track for the biggest weekly gain since early May as a looming strike at BHP Group’s Port Hedland terminal stoked supply concerns, even as fundamentals remain tested.