Iron Ore Sinks to 10-Year Low as Rio Rebuts Fortescue’s Cap Call
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Iron ore completed the biggest quarterly loss since at least 2009 as surging low-cost supplies from Australia and Brazil swamp the global market, spurring a glut as demand from China slows.
Ore with 62 percent content at Qingdao, China, sank 28 percent since the start of the year, according to daily data from Metal Bulletin Ltd. The raw material retreated to $51.35 a dry metric ton on Tuesday. That’s the lowest since 2004-2005, based on data from Metal Bulletin and annual benchmarks compiled by Clarkson Plc, the world’s largest shipbroker.