China: Iron ore drops 2.5% to US$79.50/tonne, lowest price in almost three years

Iron ore prices continued on Monday the sharp correction seen since last week and touched the lowest level in almost three years in the spot market, amid a new round of negative economic data in China.

In October, the Chinese government's manufacturing PMI fell to 49.2, indicating a contraction in activity and below market expectations.

In North China, ore with 62% iron content ended the day down 2.5 . . .