Iron ore dropped on Wednesday, eroding Monday's record surge, amid a revival in concern that global supply is outpacing demand.
Ore with 62 per cent content delivered to Qingdao fell 8.8 per cent to $US58.02 a dry metric ton, according to emailed data from Metal Bulletin. The price dipped 0.2 per cent on Tuesday after Monday's 19 per cent rally to the highest since June. The retreat was preceded by losses on futures in Singapore and China.
