UBS expects iron ore to average around $100 a ton in 2026 before sliding to roughly $90 in 2027 as steel scrap starts displacing demand. Singapore iron ore futures fell as much as 2.3% to $93.65 a ton, the lowest intraday level in a year, while Dalian contracts dropped nearly 3%. Iron ore futures in Singapore fell to their lowest intraday level in one year as deteriorating fundamentals continued to weigh on the market. Steel demand in China remains soft amid an ongoing construction slump and weakening mill margins, while supply continues to increase, reinforcing expectations of a growing surplus. Radiant World — which has grown in recent years to become one of the market's main players — said the developments are "categorically untrue".