Iron Ore Takes a Battering as Bear Market Engulfs China Futures
- Miners’ shares sink with Fortescue losing more than 5 percent
- Retreat follows warnings of losses from banks and producers
IRC Chairman Says Iron Ore Prices Likely to Be Volatile
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Iron ore is getting battered. After rounds of warnings that this year’s rally may be overdone, the raw material is in retreat as doubts gather about the strength of demand in China as steel sells off and record port stockpiles put a spotlight on rising supplies.
In China, futures on the Dalian Commodity Exchange sank into a bear market as steel in Shanghai posted the longest run of declines this year, while the SGX AsiaClear contract in Singapore fell for a fourth day. Benchmark spot prices from Metal Bulletin Ltd. extended a loss below $90 a dry metric ton to the lowest since Feb. 9.