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Iron Ore Tumbles as China’s Steel Sector Revamp Curbs Demand

  • Dalian drops almost 10%, SGX set for worst week since Jan.
  • Shagang Group is cutting steel output, exports amid green push
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Iron ore tumbled on expectations demand will wane as China deepens steel production cuts in its drive to clean up the industry.

The material is under mounting pressure -- futures in Singapore have plunged 18% in two weeks -- as Beijing steps up measures to reduce pollution from one of its dirtiest industries. Shagang Group, the world’s fourth largest steel mill, said this week that it’s curtailing production and overseas sales to comply with government efforts to cut emissions.