China iron ore falls 7% on high supply - The Official Website of China Metallurgical News

MANILA: Chinese iron ore futures tumbled 7% on Wednesday, the steepest single-day drop in more than two weeks, on concerns over ample supply as stocks of the steel-making raw material at the country's ports rose to the highest in at least 13 years.

Iron ore's decline was the sharpest among China's commodity futures after Moody's Investors Service downgraded the country's long-term local and foreign currency issuer ratings, warning its financial strength would erode in coming years a ..