Photographer: Andrey Rudakov/Bloomberg

Iron Ore Nearing Rio's `Fantasy Land' Shows Depth of Turmoil

  • Rio CEO Walsh said in February price of $30 was impossible
  • Iron ore, down 45% this year, traded at $39.06 a ton Monday

When Rio Tinto Group’s Sam Walsh, head of the world’s second-biggest iron-ore exporter, was asked 10 months ago whether the steelmaking raw material could reach $30 a metric ton, he derided it as impossible.

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