Iron ore futures prices extended losses for a second straight session on Tuesday to their lowest level in nearly one week on signs of softening in the steel market due to subdued demand in top consumer China.
The benchmark May iron ore on the Singapore Exchange slipped 2.88% to $112.85 a ton, as of 0702 GMT, also the lowest since April 17. “Steel consumption was suppressed in the short term as rainy weather hit southern regions, which also dented speculative buying,” analysts at Huatai Futures said in a note.
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