Iron ore prices have collapsed, logging the largest decline in years on Monday. And in the case of lower and higher grades, the largest plunge on record. According to Metal Bulletin, the spot price for benchmark 62% fines tumbled 8.4% to $64.25 a tonne, its largest one-day percentage drop since April 12 last year. The benchmark has now fallen for five consecutive sessions, losing a mammoth 15.6% in the process, leaving it at the lowest level since July 17. Like the benchmark, lower and higher grade ores were also smashed, recording the largest declines in the era of spot pricing. The price of 58% fines slumped 9.1% ... (full story)