Iron ore futures plummeted in Asia, with the contract in China tumbling to the lowest in three months as rising port inventories in the top user spurred concern global supplies are topping demand amid a resurgent dollar. Miners’ shares declined.
Futures on the Dalian Commodity Exchange fell as much as 6.1 percent to 352 yuan ($53.78) a metric ton, the lowest since February, while the SGX AsiaClear contract for July settlement sank 4.6 percent to $46.58 a ton at 9:19 a.m. in Singapore. Miners’ shares retreated in Sydney as BHP Billiton Ltd. lost 2.2 percent, Rio Tinto Group dropped 1.9 percent and Fortescue Metals Group Ltd. fell 3.5 percent. The three are the country’s largest exporters.
Iron ore has been on a wild ride in the past two months as investors sought to gauge conflicting economic signals from China against still-elevated port stockpiles and shifts in the U.S. currency. Inventories at ports have climbed above 100 million tons, offering fresh evidence of increased supplies in the world’s top user that may hurt prices. The port holdings may continue to rise, BHP forecast last week.
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