Iron ore price sinks and steel mills go dark on deepening China gloom

Consumption of iron ore has been hit by China's slumping property market and the country's inability to put the coronavirus behind it.

Photo: Bloomberg
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Photo: Bloomberg

Liz Ng | Bloomberg
Iron 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.

Consumption of iron ore has been hit by China’s slumping property market and the country’s inability to put the coronavirus behind it. While there

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First Published: Jun 20 2022 | 9:27 PM IST

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