- Iron ore prices wrapped up their biggest weekly loss in four years after China dampened speculation in raw materials trading and concerns rose about whether a recent improvement in Chinese demand will be sustained.
- Ore with 62% content delivered to Qingdao fell 3.3% to $58.29/metric ton today, taking this week drop to 12%, the most since October 2011.
- Iron ore is retreating from April's 15-month high as regulatory authorities and exchanges in China team up to stem a record spike in speculation of commodities, including iron ore and steel.
- Also, inventories held at ports across China rose 1.4% this week to 99.85M tons and have expanded 7.3% this year, indicating that demand may be slipping.
- Relevant tickers: BHP, RIO, VALE, MT, TCK, CLF
- Now read ArcelorMittal says steel markets are stabilizing