Iron Ore’s Bear Market Deepens on Demand Concern in China
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Iron ore extended its decline into a bear market on concern that demand in China may slow as credit tightens in the largest buyer, exacerbating the impact of rising global supplies that are seen spurring a surplus.
Ore with 62 percent content delivered to Tianjin fell 8.3 percent to $104.70 a dry ton, the lowest since October 2012 and the biggest drop in more than four years, according to data from The Steel Index Ltd. yesterday. The benchmark price lost 27 percent since Aug. 14, when it reached a five-month high of $142.80. The raw material dropped into a bear market on March 7.