Iron Ore Declines to Lowest in 21 Months Amid Qingdao Port Probe
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Iron ore fell to the lowest since 2012 on concern that a probe into commodity financing at China’s Qingdao port may hurt demand for the raw material amid a global seaborne glut.
Ore with 62 percent iron content delivered to the port of Tianjin declined 0.7 percent to $90.90 a dry ton today, the lowest level since September 2012, according to The Steel Index Ltd. Prices lost 3.8 percent this week and retreated in eight of the past nine weeks.