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Iron ore hits 13-month low
The iron ore price dropped to its lowest level in 13 months, reaching $92.85 per ton in Singapore futures contracts, influenced by weak demand in China and declining steel factory profits, with expectations of further decline toward $85 per ton to balance the market. The challenges faced by non-traditional suppliers are highlighted, as they could lose between 15 to 40 million tons of annual production if the decline continues. The market was also affected by concerns related to Radiant World and the financial disputes surrounding the company, with prices later stabilizing at $93.90 per ton.
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