BANK SAYS THAT IRON ORE MAY GO BELOW US$ 50

Iron ore is at risk of being knocked out of a trading range that has held for more than three months, possibly slumping back below $50 a metric ton, as the top producers boost low-cost supply and steel output contracts in China, according to Westpac Banking Corp.

“Is there a risk iron ore can break out of it current range?” senior economist Justin Smirk said in an e-mail on Tuesday. “We think so, and still have a low of $45 a ton penciled in for this year.” The price in Qingdao fell 0.7 percent to $52.93 a dry ton on Tuesday, headed for the first monthly loss since July, according to Metal Bulletin Ltd.