Economics
Iron Ore in Worst Run Since '08 as China's Steel Output May Drop
- Prices fell 46% this year on rising supply, China slowdown
- China scheduled to report steel output data on Saturday
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Iron ore extended declines for a ninth week, the longest losing streak in seven years, with Chinese steel production data on Saturday expected to signal a further weakening in demand.
Ore with 62 percent content delivered to Qingdao dropped 4.3 percent this week, falling to $38.30 a dry metric ton on Friday, a record low in daily prices compiled by Metal Bulletin Ltd. going back to May 2009. The commodity capped its worst stretch of decreases since October 2008 as low-cost supplies expand, according to Metal Bulletin’s weekly data.