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China steel, iron ore slide 3% as demand worries drag

CCTV.com

06-14-2016 16:28 BJT

Steel and iron ore futures in China dropped around 3 percent on Tuesday, pressured by slow seasonal demand in the world's top consumer of the two commodities.

Profit margins among Chinese steelmakers have fallen in recent weeks following a sharp rise through March and April, when a seasonal pickup in consumption combined with low steel inventories.

The most-traded rebar on the Shanghai Futures Exchange was down 2.8 percent by midday break. The drop came after a 4-percent surge on Monday that traders attributed to expectations of tighter supply in China's top steelmaking city of Tangshan.

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