Iron Ore Breaches $40 in Singapore as Rising Supply to Feed Glut
- Roy Hill says vessel nearby set to load project's first cargo
- Port inventories in top user climb to highest level since May
The Economic Loss From the Global Commodities Slump
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Most-active iron ore futures in Singapore sank below $40 a metric ton for the first time on concern that the economic slowdown in China will cut demand as supplies from the largest miners climb.
The SGX AsiaClear contract for January fell 2.7 percent to $39.67 a ton at 4:34 p.m. in Singapore, heading for the lowest close since trading started in April 2013. On the Dalian Commodity Exchange, futures for May delivery sank 3 percent to end at 293.5 yuan ($45.88) a ton, a record low.