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China iron ore futures drop as steel output control dampens demand
Benchmark iron ore futures in China fell more than 3% on Wednesday on cooling demand as mills controlled their crude steel production, while arrivals of the steelmaking ingredient gained. Some steel producers in China’s Jiangsu, Fujian and Yunnan provinces were told by the government to cut production as the country aims to keep its annual output no higher than it made in 2020.Meanwhile, iron ore arrivals in China recovered last week. Portside inventories of the ingredient rose for the third week and stood at 127.34 million tonnes as of July 18, according to SteelHome consultancy. The most-traded iron ore futures ... (full story)