Iron Ore Drops as Stockpiles, Vale Output Add to Supply Concerns

Iron ore retreated for a third day as increasing Chinese stockpiles and higher-than-expected output from Brazilian miner Vale SA added to concerns about oversupply.

Inventories of the steelmaking material at Chinese ports climbed 0.5% from the week before to around 161 million tons, according to Shanghai SteelHome E-Commerce Co. Stockpiles have risen for 11 straight weeks and are nearing a record high.