30 Nov '15, 3am

Iron Ore Breaches $40 in Singapore as Rising Supply to Feed Glut

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 3.1 percent to $39.51 a ton as of 10:33 a.m. in Singapore, heading for the lowest close since trading started in April 2013. On the Dalian Commodity Exchange, futures for May delivery sank as much as 3.1 percent to 293 yuan ($45.81) a ton, a record low. The raw material used for steel has been pummeled since the start of 2014 as surging supplies from low-cost producers including BHP Billiton Ltd. and Rio Tinto Group in Australia and Brazil’s Vale SA combine with faltering demand in China to spur a glut. Losses in Singapore and Dalian could presage a drop in the benchmark price for spot iron ore in Qingdao, which will be updated later in t...

Full article: http://www.bloomberg.com/news/articles/2015-11-30/iron-or...

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