Iron Ore Hits the Skids as Miners, Banks Wrangle Over Supply
- ‘The risk looks to be to the downside,’ says CMC’s Spooner
- Vale says S11D ramp-up will take four years to complete
Iron Ore's Fortunes Turn Rusty
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After a stellar run in 2016, iron ore has hit a rough patch. The prospect of a slump below $50 a metric ton is now back in view after the longest losing streak in more than five months as investors, analysts and miners spar over the impact of additional low-cost supply.
The raw material with 62 percent content delivered to Qingdao lost 5.8 percent in the seven sessions through Wednesday, according to Metal Bulletin Ltd. That was the longest run of daily declines since March, and pegged back this year’s gain to 28 percent from as much as 62 percent in April. On Thursday, the price was unchanged at $55.97.