Affected by abundant global supply and high port inventories, Singapore iron ore futures are likely to record their lowest month-end closing level in four years. This steelmaking raw material fell to around 91 US dollars per ton on Friday, with a cumulative decline of more than 2% since October. This is the seventh month that iron ore futures have recorded a decline this year. Apart from a brief recovery in August, prices have been trending downward since May when they hit a high of $111.60 per tonne.

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