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On The Defensive

IRON ORE

BBG headlines note that SGX iron ore futures have shed over 5% and are on course for their biggest daily % loss since October. This comes on the back of signs of tepid demand out of China (maintenance schemes across facilities in the country’s major steel hub and steel suppliers slashing prices), alongside fresh warnings from Chinese regulatory bodies re: price gouging and speculation in the space (made earlier this week). On the supply side, updates from industry giants Vale, BHP & Rio Tinto in recent days haven’t presented anything in the way of sources of notable tailwinds.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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