Singapore benchmark iron ore futures fell as much as 2.3% during intraday trading, hitting $93.65 per ton, the lowest intraday price since July 2025; Dalian's most active contract fell by nearly 3% during the same period. Myles Allsop, a mining and metals research analyst at UBS in London, pointed out that weak steel demand, narrowing steel mill profits, and continuous supply increases have led to a significant accumulation of inventories over the past 12 months, intensifying the oversupply in the market. UBS expects the average iron ore price to be around $100 per ton in 2026, further declining to about $95 per ton in 2027, and believes that prices will eventually stabilize at around $90 per ton.