| Iron ore suffered its biggest one day percentage drop since March, falling by more than 5 per cent, as shipments of the steelmaking ingredient heading to China continued to pick-up. Iron ore was one of the top performing commodities in the second quarter rising more than 20 per cent. One trigger for the rally was a late buying spree by Chinese steel producers ahead of the peak summer demand period. But another factor was lower than expected volumes from Australia.
Analysts believe a prolonged wet season in the Pilbara region of Western Australia affected output, in particular at mines owned by Rio Tinto, the world’s second-biggest producer of iron ore...............................................Full Article: Source
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