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Reuters reported Australian iron ore miners said demand for the metal is slowing in China.
Reuters reported Australian iron ore miners said demand for the metal is slowing in China.
As quoted in the market news:
It was the strongest indication yet from an industry closest to China’s phenomenal industrial growth over the last decade that the boom times, if not over, are tempering.
China has drawn iron ore from all over the world to feed its steel mills, offsetting a paltry home endowment of ore, but nowhere as much as Australia, where output has gone from 80 million tonnes a decade ago to nearly 500 million tonnes now.