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Iron Ore Folds as China Cracks Down on Steel Output

COMMODITIES
  • Pervasive risk-off was evident across the Asia-Pac session, and has accelerated into the NY crossover. Iron ore prices have been hard hit, with prices falling as much as 12% from the week's highs.
  • Catalysts and drivers are varied, with some citing China's intentions to 'aggressively' reduce steel production (thereby trimming demand for iron ore, a key input).
  • Downside has been exacerbated by the persistent greenback strength, with the USD Index adding to recent gains after yesterday's Fed minutes, which continue to point toward a taper ahead of year-end.
  • Gold and silver are more mixed, with gold benefiting from the broad risk-off theme, but silver continues to lag.
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