Iron Ore Caps Record Streak of Losses on Global Surplus

Iron ore completed a third straight quarterly decline in the longest losing streak on record as a slowdown in China’s economy curbed demand growth in the largest buyer and worsened a global surplus.

Ore with 62 percent content delivered to Qingdao, China dropped 17 percent this quarter to $78.05 a dry metric ton, according to data from Metal Bulletin Ltd. That follows a 19 percent drop between April and June and 13 percent retreat in the first three months. That’s the longest run of losses for the steelmaking ingredient since the data series began in 2009.