Price heading south: The Fortescue Metals Group’s iron ore mine south of Port Hedland in the Pilbara region of Western Australia. Iron ore price is expected to drop in the second half amid a rising global surplus. – Reuters
Commodity falls 29% after peaking at over US$70 in April
BEIJING: For iron ore, if April was a party then May’s been the aftermath. Benchmark prices are headed for the biggest monthly loss since 2012 as a rally driven by a speculative frenzy in China segued straight into a back-to-reality slump when the fervour faded.
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