Iron Drops to Lowest Since 2009 as APEC Curbs Dent Demand
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Iron ore fell to the lowest level in more than five years as China ordered some mills to curb output to cut pollution before hosting a global summit, hurting demand in the biggest user just as rising supplies exacerbate a glut.
Ore with 62 percent content delivered to Qingdao lost 2 percent to $76.46 a dry metric ton, the lowest price since September 2009, according to data from Metal Bulletin Ltd. yesterday. The drop extended two weeks of losses at the end of October, deepening a bear market. Producers fell in Australia today, with Fortescue Metals Group Ltd. slumping 8.5 percent.