Iron Ore Ignores China Data, Index as Decline Accelerates: Chart

Iron ore futures have fallen more than seven percent in the past two days despite encouraging data showing the economy in China, a major consumer of the steel-making material, grew more than expected in the first quarter. The 14-day relative strength index is also at its lowest since December 2015, when it hit a record bottom on data going back to 2008. It is now at a level that suggests the commodity has been oversold.