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Beijing – Prices of iron ore futures fell on Tuesday, weighed down by concerns that demand for the key steelmaking raw material will slide, with steel demand in top consumer China showing signs of softening.
It fell below the key psychological level of $100 a ton to hit an intraday low at $99.8 earlier in the session.Transaction volumes of construction steel products slipped nearly 8% from the day before to 122,500 tons on Monday, data from consultancy Mysteel showed. “Rebar is likely to build up inventories in November when demand will be weighed with weather getting colder .”
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