Iron Ore-Shanghai rebar at 1-week low on tightening fears

Reuters Africa reports that Chinese steel futures fell more than 1.5 percent to one-week lows on Friday hitting steel demand in the world’s top consumer and producer.

The market news is quoted as saying,

“It is possible the Chinese central bank will raise the bank reserve requirement again or interest rates,” said an iron ore trader in Shanghai.

“This will have an impact on the steel market because a lot of steel purchases are supported by bank loans.”

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