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Steel mills are losing money and opting to do
maintenance
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Steel-making ingredient has lost around 20% in
eight daysIron ore plunged more than 7% in Singapore -- giving up all its
gains this year -- as steel mills idled blast furnaces amid growing pessimism
over the demand outlook in China.
The steel-making ingredient has now
lost around a fifth of its value in a run of declines that’s extended to an
eighth day. Chinese prices of metallurgical coal, used to make steel, were down
as much as 12% at the lowest since late February.