Iron Ore Sinks to Four-Month Low on Demand Outlook in China
- Oversupply also pressuring prices, Millennia's Zhu says
- Little buying interest seen in China at present, ANZ says
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Iron ore lurched to a four-month low on concern China’s falling steel production will erode demand and boost stockpiles.
Ore with 62 percent content delivered to Qingdao sank 4.5 percent to $45.58 a dry metric ton on Tuesday, the lowest since the record on July 8, according to Metal Bulletin Ltd. The price bottomed at $44.59 for daily price data dating back to May 2009.