Iron Ore Rout Deepens as China Mills Scaling Back Before Holiday

Iron ore capped the biggest monthly loss since May as steel mills in China curtailed output before a national holiday and major producers added supply, signaling that the bear market that began last year has further to run.

Ore with 62 percent content delivered to Qingdao, China, dropped 1.7 percent to $62.21 a dry metric ton on Friday, the lowest price on record going back to May 2009, according to Metal Bulletin Ltd. The steel-making raw material slumped 13 percent in January, dropping for a third straight month.