Iron Drops to Lowest Price in 5 Years as China Demand Dwindles

Iron ore declined to its lowest level since 2009 as China ordered some of its steel mills to reduce production.

Ore with 62 percent content delivered to Qingdao fell 2 percent to $76.46 a dry metric ton today, the lowest price since September 2009, according to data from Metal Bulletin Ltd. The drop extends two weeks of losses at the end of October.

Christian Lelong, an analyst with Goldman Sachs, said:

Steel mills in north China should be working at a reduced rate due to the APEC meeting. That should be playing a role” in iron ore’s drop

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