Iron Ore Hits Lowest Price Since 2012

Bloomberg reported today that Iron Ore has hit its lowest price since 2012. According to the publication, ore prices have recorded losses for the fourth week in a row, and the market for the metal has been bearish since March when major producers upped their output, contributing to a rising surplus.

As quoted in the publication:

Ore with 62 percent content delivered to the Chinese port of Tianjin fell 1 percent to $102.70 a dry ton, the lowest level since September 2012, according to data from The Steel Index Ltd. The commodity dropped 23 percent this year, after falling 7.4 percent last year.

Click here to read the full Bloomberg article.