A rapid decline in iron-ore prices is taking Wall Street by surprise after a spring run to record highs
The benchmark price fell as low as $130.20 a metric ton on Thursday following a 15% single-day nosedive to its lowest value since November 2020, according to S&P Global Platts, which publishes daily prices. The commodity, which hit a record above $233 a ton as recently as May, bounced slightly to $139.10 a ton on Friday.
and copper have been falling on worries that rising Covid-19 cases might hobble the global recovery, but not at such a rapid pace. Iron ore hasn’t fallen this far this fast since spot prices were established for the commodity roughly 13 years ago, Morgan Stanley said.and dividends to records. Investors typically bet on iron ore via stocks of the companies that produce it.
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