SINGAPORE/BEIJING: Dalian iron ore dropped nearly 11% on Monday to a more than one-month low, as a broad-based decline in global markets and concerns over steel demand in China dragged down prices.

The most-traded iron ore on China’s Dalian Commodity Exchange for September delivery tumbled 10.7% to 795 yuan ($121.36) a tonne, the lowest closing price since March 23. The contract tracked spot 62% iron ore prices that fell $8 to $143 per tonne on Friday, according to SteelHome consultancy.

“The plunge was driven by the domestic COVID-19 situation, as market expectations on demand failed, while raw material prices lost support on state planner’s output controls,” SinoSteel Futures analyst Cheng Peng said.

Construction material steel rebar on the Shanghai Futures Exchange, for October delivery, closed 4.7% lower to 4,778 yuan a tonne.