IRON ORE TUMBLED BY 22% THIS MONTH

Iron ore has pivoted from boom to gloom in a few short weeks. Benchmark prices are near $50 a metric ton as spectacular losses this month driven by rising supplies and a more cautious approach from mills in China have eviscerated April’s speculation-driven rally.

After surging 23 percent last month as China’s ill-fated frenzy gathered pace, the price has tumbled by 22 percent so far in May. Earlier, futures in Dalian dropped 0.9 percent, while the SGX AsiaClear contract rose.