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Iron ore futures tumbled in Singapore, extending a stretch of volatile trading amid deepening anxiety over Chinese demand. Base metals also fell.
Iron ore was down 2.6% to $105.75 a ton as of 12:20 p.m. in Singapore, still higher than the nine-month low of $97 that it hit last week. Chinese steel consumption has been battered by the nation’s years-long property crisis, and the weak start to 2024 has seen iron ore inventories piling up at ports. The spot price of rebar — a popular construction steel product — is at the lowest in almost seven months.
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