Iron Ore-Shanghai Rebar Falls for Third Day

Reuters Africa reports China steel futures dropped for a third day running, with sentiment hurt by the country’s latest move to tighten liquidity.

The market news is quoted as saying,

The most-active January rebar contract on the Shanghai Futures Exchange fell as low as 4,762 yuan a tonne, its weakest since Aug. 11, before closing down 0.7 percent at 4,768 yuan.

The tightening move could also constrain funding for steelmakers, said an iron ore trader in China’s eastern Shandong province.

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