Iron ore slumped below $100 a ton for the first time since mid-January as some steel mills curbed production to ensure blue skies during the government’s upcoming policy meetings in Beijing, where overcapacity in the industry is also likely to be a topic for discussion.

Dalian iron ore futures prices snapped a four-day winning streak on Monday as increasing levies on Chinese steel dampened demand prospects for the key steelmaking ingredient, though decreasing portside inventories in China limited the fall.