Iron Ore Falls Below $80 On China Swoon— Lowest Since 2009

 

  

Iron ore slumped below $80 a metric ton for the first time in five years on speculation that China’s slowing economic growth will curb demand in the world’s biggest user, exacerbating a global surplus.

Ore with 62 percent content delivered to Qingdao, China, fell 0.5 percent to $79.69 a dry ton, the lowest level since Sept. 16, 2009, according to data from Metal Bulletin Ltd. The drop followed seven weeks of declines as the steelmaking raw material had the longest run of losses since May. (more)

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