Iron ore price tumbles as recession fears fuel commodities selloff.

Iron ore and steel prices tumbled on Friday as prospects of a sharp global economic downturn fanned fears of a slump in demand for commodities, despite signs of a rebound in manufacturing activity in top metals consumer China. The spectre of a global recession fed an already clouded demand outlook for iron ore in China, the world's biggest steel producer, where mills have idled dozens of blast furnaces recently in a bid to reduce high inventories amid weak orders. Iron ore's...