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Jul 01, 2022 - BY Admin

Iron-ore tumbles as recession fears fuel commodities selloff

Iron-ore and steel prices tumbled on Friday as prospects of a sharp global economic downturn fanned fears of a slump in demand for commodities, despite signs of a rebound in manufacturing activity in top metals consumer China.

 

The spectre of a global recession fed an already clouded demand outlook for iron-ore in China, the world's biggest steel producer, where mills have idled dozens of blast furnaces recently in a bid to reduce high inventories amid weak orders.

 

Iron ore's most-traded September contract on China's Dalian Commodity Exchange ended daytime trade 6.9% lower at 747.50 yuan ($111.47) a tonne, extending losses to a second day.

 

On the Singapore Exchange, the steelmaking ingredient's front-month August contract was down 4.3% at $113.90 a tonne by 0703 GMT. --miningweekly