Iron Ore Posts Longest Losing Run in Two Years as Surplus Builds
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Iron ore extended its decline to the lowest since October 2009, posting the longest run of daily losses in two years, on concern global supplies are topping demand just as China’s recovery shows signs of faltering.
Ore with 62 percent content delivered to Qingdao, China slid 0.1 percent to $87.62 a dry metric ton today, dropping for a 10th day, according to Metal Bulletin Ltd. That’s the worst run since August 2012. The raw material used to make steel fell