Iron ore keeps sinking as port stockpiles remain at high levels
The raw material is forecast to decline further amid oversupply, steel also taking a beating
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Singapore
IRON ore is in full-scale retreat, with futures in China plunging to end limit-down on investor concern about the outlook for demand in the world's top user, fresh signs of burgeoning supply from Australia and the hostile backdrop of a broad-based sell-off in base metals.
"Iron ore's centre of gravity is constantly moving lower," said Zhao Chaoyue, an analyst at China Merchants Futures Co.
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