Iron Ore Drops to One-Month Low as Goldman Keeps Bearish View
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Iron ore extended losses to the lowest level in a month after Goldman Sachs Group Inc. said increasing production from Australia and Brazil will deepen a global glut every year through 2018.
Ore with 62 percent iron content at the Chinese port of Tianjin fell 0.7 percent to $93.60 a dry ton today, the lowest since June 24, according to data from The Steel Index Ltd. The raw material will average $80 in 2015 from $107 this year, Goldman said in a report, reiterating previous forecasts.