Iron ore fell below $100 a metric ton for the first time in 14 months as China’s moves to clean up its heavy-polluting industrial sector drive down demand for the steel.

Futures prices sank to as low as $99.50 on the Singapore Exchange and wavered around $100 through the overnight trading session, which is daytime trading hours in the U.S. Iron ore has plunged more than 55% since peaking in May as the world’s biggest steelmaker intensifies production curbs to meet a target for lower volumes this year, and a sharp downturn in China’s property sector hurts demand.

The slump in the steelmaking ingredient shows how top consumer China could sway the market at a time when there’s booming demand in the broader commodities market as economies reopen from the worst of the pandemic.

“Dramatic declines in iron ore prices” are mainly built on the view that “this year’s effort will likely be strictly enforced,” said Ed Meir, an analyst at ED&F Man Capital Markets. Iron ore futures plunged more than 20% this week and traded at $99.60 at 11:53 a.m. New York time.

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