Iron-ore has been dragged back into the $60s after getting hit by a barrage of bad news, with persistent concern about rising global supply, fresh questions about the outlook for demand in China, and a warning from Australia’s central bank that the top buyer may be nearing peak steel.
The benchmark spot price for ore delivered to Qingdao slumped 10% in the past four days, ending at $68.85 a dry metric ton on Tuesday, the lowest since July, according to Metal Bulletin. The sell-off in the commodity, which hit almost $80 in August, follows the first back-to-back weekly loss since June.
