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Iron Ore Drops Below $70 for First Time Since ‘09 as Glut Widens

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Iron ore fell below $70 for the first time in five years as rising low-cost supplies from the world’s top miners deepen a global glut amid concern a slowdown in China will cut demand in the biggest consumer.

Ore with 62 percent content delivered to Qingdao fell 1.2 percent to $69.58 a dry metric ton yesterday, the lowest since June 2009, data from Metal Bulletin Ltd. showed. Prices are heading for a 13 percent loss this month, the most since May.