BHP CEO Says `More Bearish' on Iron Ore as Price Surge Reverses
- Price has dropped every day after 19 percent jump on March 7
- Moragn Stanley lowers price forecasts for 2016, 2017
A haul truck approaches a digger to be loaded with material from the pit of the Rio Tinto West Angelas iron ore mine in the Pilbara, northwest of Perth, Australia, on Sunday, Feb. 19, 2012.
Photographer: Ian Waldie/BloombergThis article is for subscribers only.
Iron ore dropped for a sixth day, erasing gains from a record spike, as BHP Billiton Ltd. said it was more bearish on prices than for any other raw material it produces and Morgan Stanley cut its forecasts.
Prices have declined every day after a 19 percent surge to $63.74 a dry metric ton on March 7, the biggest one-day advance for daily prices going back to 2009 compiled by Metal Bulletin Ltd. Ore with 62 percent content delivered to Qingdao fell 4.8 percent to $52.88 on Tuesday, according to the data.