Iron Posts Biggest Weekly Loss Since 2011 as Speculation Ebbs
- Prices are weakening on clampdown, port holdings, BMI says
- Goldman warns on mine outlook as price forecasts increased
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Iron ore posted the biggest weekly loss in four years after China quelled speculation in raw-materials trading and concern increased about whether a recent improvement in demand in the top user will be sustained.
Ore with 62 percent content delivered to Qingdao fell 3.3 percent to $58.29 a dry metric ton on Friday, taking the drop this week to 12 percent, according to Metal Bulletin Ltd. That’s the most since October 2011.