REFILE-Iron ore price fall a sign China's economic might waning
(Refiles to correct a spelling error in bullet point)
* Iron ore price tumbles
* Lowest since late March
* Ominous sign of China's industrial outlook
* A country awash in iron ore
By James Regan and Ruby Lian
SYDNEY/SHANGHAI, July 3 (Reuters) - Iron ore prices dropped to the lowest in more than two months on Friday, sending shivers through the mining industry and heightening worries that Chinese economic activity is slowing just as ore piles up at its ports.
China uses more than a billion tonnes of iron ore a year to make steel - 14 times the consumption of the United States - but Beijing's efforts to shift the economy to consumer-led growth means steel consumption is peaking faster than expected.
"It's clear China can no longer consume all the iron ore that's out there, so something's got to give," said James Wilson, a sector analyst for Morgans Financial in Perth Continuación...