Iron Ore Plummets Below $40 a Ton as Global Glut Hurts Outlook
Iron Ore Joins Oil's Move Lower in Commodity Slump
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Iron ore sank below $40 a metric ton on rising low-cost supply from the world’s top miners and weakening demand in China, with investors assessing the impact of the first shipments from Gina Rinehart’s Roy Hill mine within the coming days.
Ore with 62 percent content delivered to Qingdao lost 2.4 percent to $39.06 a dry ton, a record low in daily prices compiled by Metal Bulletin Ltd. dating back to May 2009. The raw material is headed for a third annual decline and has lost 80 percent since peaking in 2011 at $191.70. Shares of top producer Vale SA fell to an 11-year low.