Iron ore fell for the eighth day in a row yesterday, tumbling to a fresh two-year low.
Benchmark Australian ore, with a 62 per cent iron content, dropped 70 cents to $88.20 a tonne, according to The Steel Index, bringing the losses since the middle of the month to 5.6 per cent.
The price of the steelmaking ingredient has sunk 35 per cent this year on concerns about increasing global supplies and slower demand in China, which consumes about two-thirds of world seaborne iron ore.
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