(Bloomberg) — Iron ore dropped to a two-week low after losing its hold above $100 a ton, as China’s steel market shows few signs of a revival.

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Futures in Singapore fell as much as 2.7% on Tuesday, adding to Monday’s 4.2% slump — the biggest daily drop in three months. Disappointing Chinese manufacturing and property data has bolstered bears who see little chance of a meaningful recovery in demand.

There’s limited upside for steel in China and the environment for iron ore prices is “challenging,” Goldman Sachs Group Inc. said in an emailed note that took a cautious tone on prospects for commodities demand in the nation.

The steelmaking material climbed above $100 a ton last week, but slumped back to two digits on Monday after the underwhelming Chinese data. Port stockpiles of iron ore are back above 150 million tons, a relatively large volume that will keep pressure on prices.

Futures in Singapore were trading at $94.70 a ton as of 1:04 p.m. local time. That’s only about $3 above their lowest point during the August selloff, when concerns about China’s steel sector intensified. Miners including BHP Group Ltd. have said they see iron ore getting support below $100, a level that puts pressure on high-cost producers.

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