Mining Weekly reported that iron ore continues to decline and on Wednesday posted its biggest daily drop in 14 months, amid uncertainty over China’s steel demand.
As quoted in the market news:
Iron-ore with 62% iron content, the industry benchmark, fell $7.5/t, its biggest daily drop since November 2011, to $145.40/t, according to data provider Steel Index.
This represented a 4.9% daily drop for iron-ore, which reached a 15-month peak a week ago after a one-month rally which pushed its value up 40%.
Get Our Expert Guide to Base Metals Investing FREE!Download this FREE Special Report, Investing Opportunity: Using LME Prices and Base Metals News.