Iron Ore Sinks Below $50 as China Demand Sags, Supply Jumps

Updated on
  • Mills group in China says local steel demand contracting
  • Moody's forecasts lower iron ore prices in 2016 on glut

Iron Ore Mining

Photographer: Andrey Rudakov/Bloomberg

Iron ore sank back below $50 a metric ton on speculation that a global glut will persist as China’s leading mills group said local steel demand was contracting at an unprecedented pace and supplies from the biggest miners were expected to climb.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.