Iron Ore at Risk of Further Losses as Price Tumbles to July Low
- Prices post back-to-back weekly decline on China concerns
- Spot ore seen falling back into $60s range as supply rises
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Iron ore is facing renewed pressure and risks sliding back into the $60s, as China’s economy shows signs of cooling and global mine supply increases, while planned steel capacity cuts in the world’s biggest consumer this winter could further cut demand.
Ore with 62 percent content in Qingdao fell 2.5 percent to $72.13 a dry metric ton on Friday, the lowest level since July 28, extending the previous day’s 3.4 percent loss, which was the most since May, according to Metal Bulletin Ltd. The commodity, which almost hit $80 in August, posted the first back-to-back weekly decline since June.