Iron ore halts two-day gain as steel slides, BHP mine to open; copper sinks

Copper sinks as inflation fears eclipse South American political risk

Iron ore futures in Singapore halted a two-day rebound as Chinese steel prices extended declines amid further government curbs and BHP Group prepares to start one of the world’s biggest new mines.

BHP’s South Flank iron ore project in Western Australia will announce first production in the next few days, Chief Executive Officer Mike Henry said Tuesday. That will eventually add 80 million tons of annual supply at what he called a “perfectly timed” moment, given prices are near record levels.

The ore is holding above $200 a ton despite last week’s wild price gyrations, as investors eye the strength of China’s