Iron ore is at risk of losing all of this year’s gains.
Ore with 62 percent content fell 0.5 percent to $48.18 a dry metric ton on Thursday after posting the biggest monthly loss in about five years in May, according to Metal Bulletin Ltd. The drop has left prices that topped $70 in April less than $5 above 2015’s close.
The raw material has been whipsawed this year as signs of a demand revival in China spurred a speculative rally that lifted prices in the three months to April. The climb was reversed after a regulatory crackdown and as supply increased, raising volumes at ports. With output expanding, there’s a possibility that 2016 will prove to be another losing year, according to Shenhua Futures Co.
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