Iron Ore Completes Fifth Weekly Loss as ‘Worst Is Yet to Come’
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Iron ore capped a fifth straight weekly drop with prices trading near the lowest since 2009 on concern that slowing growth in China will hurt demand just as rising low-cost supplies spur a global surplus.
Ore with 62 percent content delivered to Qingdao lost 6.8 percent this week, dropping to $70.20 on Nov. 19, the lowest level since June 2009, data from Metal Bulletin Ltd. showed. The price retreated 0.9 percent to $70.31 a dry ton today.