Iron ore futures prices were hemmed into a tight range on Tuesday, as investors and traders struggled to find a clear direction amid mixed market signals in top consumer China. The country’s Ministry of Finance officials said on Monday that they would actively promote the replacement of consumer goods such as cars and home appliances, which, in theory, supports steel demand. However, the upward momentum of steel consumption in the world’s second-largest economy, ongoing since early April, has slowed down after some southern regions were hit by earlier-than-normal rains. The most-traded September iron ore contract on ... (full story)