Iron Ore Slumps Most in 13 Months as China Cold Snap Seen Easing
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Iron ore, which surged 68 percent since September, fell the most in 13 months amid speculation demand for the steelmaking commodity will weaken as freezing weather conditions ease in China.
Ore with 62 percent iron content at the Chinese port of Tianjin slumped 4.9 percent to $145.40 a dry metric ton, the biggest one-day decline since Nov. 28, 2011, according data from The Steel Index Ltd. It jumped since early September when the Asian country approved $158 billion in spending on projects from subways to sewers, helping to spur a rally in steel prices.