Iron Ore Caps 2014 Loss as Morgan Stanley Says Worst Over

Iron ore capped the biggest annual decline in at least five years as surging supplies from the world’s biggest producers outstrip demand growth in China, with the raw material dropping for every quarter in 2014.

Ore with 62 percent content delivered to Qingdao, China, lost 47 percent this year to $71.26 a dry metric ton, according to Metal Bulletin Ltd. The commodity fell to $66.84 on Dec. 23, the lowest level since June 2009, before rebounding with five daily gains to complete the longest run of advances since July. This month prices are just 0.1 percent lower.