Iron Ore Drops To Lowest In 2 1/2 Years

Reuters reported iron ore dropped to the lowest rate in more than 2-1/2 years.

As quoted in the market news:

Sellers of foreign iron ore cargoes to China slashed prices further on Monday as the benchmark rate dropped to its lowest in more than 2-1/2 years, with losses likely to deepen further as weak steel demand forces mills to cut output.

Iron ore has fallen 24 percent from this year’s peak near $150 in April as demand from the world’s top consumer sagged along with its economy.

Click here to read the full Reuters report.