The sell-off in iron ore intensified this week as Beijing ramped up efforts to quell price speculation, which it believes fuelled the rally that lifted the bulk commodity’s price by more than 60 per cent since mid-November.
Futures in Singapore sank 8 per cent to $US130 ($180) a tonne on Thursday, taking iron ore’s loss this week to 17 per cent. It has now dropped more than 20 per cent from its cyclical highs, according to Westpac, sufficient for a bear market. On Friday, March futures fell a further 2.2 per cent to $US128.80 a tonne on the SGX.
