| Iron ore completed the biggest quarterly loss since at least 2009 as surging low-cost supplies from Australia and Brazil swamp the global market, spurring a glut as demand from China slows. Ore with 62 per cent content at Qingdao, China, sank 28 per cent since the start of the year, according to daily data from Metal Bulletin.
The raw material retreated to $US51.35 a dry metric ton on Tuesday. That's the lowest since 2004-2005, based on data from Metal Bulletin and annual benchmarks compiled by Clarkson, the world's largest shipbroker. Westpac is tipping the price will fall to $US47 a tonne. The commodity capped a fifth quarterly retreat on Tuesday after Rio Tinto Group and BHP Billiton expanded supply, betting increased volumes would offset lower prices and force higher-cost miners to close...............................................Full Article: Source
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