Iron ore drops to 5-year low as Beijing curbs mills' output for APEC

Iron ore delivered to Qingdao dropped 2% to US$76.46 a dry metric ton – the lowest level for the commodity in five years – as orders to cut pollution before this month’s APEC summit forced some mills in China to curb output, Bloomberg reported, citing data from Metal Bulletin. The raw material has fallen 43% in value this year, as producers including BHP Billiton (BHP.NYSE) expanded supplies and spurred a surplus. The summit in Beijing will run from November 7-12, with the provinces of Hebei and Shandong bearing the brunt of the losses as authorities order factory shutdowns in an attempt to ensure clean air for the duration.