MANILA: Ferrous futures in top steel producer and exporter China fell on Wednesday, with iron ore hitting a two-week low, as fears of a global recession dominated financial markets ahead of a widely expected interest rate hike from the US central bank.

The most-traded January iron ore on China’s Dalian Commodity Exchange slumped as much as 3.3% to 686.50 yuan ($97.44) a tonne, its weakest since Sept. 8.

On the Singapore Exchange, the steelmaking ingredient’s benchmark October contract dropped 2.1% to $94.10 a tonne, its lowest since Sept. 5.

Rebar on the Shanghai Futures Exchange fell 1%, while hot-rolled coil shed 1.1%. Stainless steel, however, gained 0.6%. Dalian coking coal dropped 0.7%, while coke edged up 0.2%.