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Iron Ore Falls Most in Seven Weeks as Storm Spares Australia

Iron ore fell the most in seven weeks as cargoes increased after a storm caused little damage in Australia, the largest supplier of the steelmaking commodity.

Imported ore with 62 percent iron content at the Chinese port of Tianjin slid 2.4 percent to $145.20 a dry metric ton today, the biggest decline since Jan. 16, according to The Steel Index Ltd. The global benchmark retreated 8.6 percent from a 16-month high on Feb. 20 after rallying as much as 83 percent from an almost-three-year low in September.