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Futures
drop below $94 as China steelmakers reduce production
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Top
mill China Baowu sounds alarm about industry’s troubles
Futures sank for a fourth day in Singapore,
falling below $94 a ton, as data from China showed mills reduced steel production to
about 83 million tons last month, 9% lower than a year earlier. The country is
the largest importer of seaborne iron ore, and sets the tone in the global
market.