Iron Ore Futures in China Extend Slump to Record Low on Surplus
A third of Australia’s exports, or about 6 percent of gross domestic product, goes to China, and the majority of those shipments are iron ore.
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Iron ore futures in China dropped to a record intraday low on Friday on concern demand was slowing in the biggest consumer as global mining companies increase supply.
Prices fell as much as 2.6 percent to 370 yuan ($59.7) a metric ton on the Dalian Commodity Exchange, the lowest level since trading started in October 2013, before closing at 380 yuan. The contract lost 10 percent this week, the most ever.