Iron Ore Sinks Toward $50 Amid China Concern as BHP, Rio Retreat
- `There hasn't been much improvement,' China Merchants says
- Fortescue's CEO Power forecasts that volatility will persist
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Iron ore sank toward $50 a metric ton to post the first weekly loss in four amid a resurgent dollar and indications China’s economy has yet to rebound, offering early vindication to forecasters including Goldman Sachs Group Inc. who’d argued that recent gains were unlikely to persist.
Spot ore with 62 percent content in Qingdao fell 2.6 percent to $56.37 a dry ton on Thursday, dropping for a third day, according to Metal Bulletin Ltd. After gyrating this month, including the biggest one-day gain on record, prices remain 29 percent higher in 2016 following three years of losses on a global glut driven by rising low-cost supply and sinking steel demand in China. There’ll be no pricing on Friday.