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Reuters reported iron ore’s price freefall has forced Chinese steel producers to skip contracted cargoes.
Reuters reported iron ore’s price freefall has forced Chinese steel producers to skip contracted cargoes.
As quoted in the market news:
Chinese mills, the world’s biggest iron ore buyers, have either cancelled or deferred shipments of up to 4 million tonnes this month after iron ore prices tumbled to their lowest in more than 2-1/2 years, the latest evidence of a slowdown in the world’s top steel market.