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China’s commodity tumbled on the first trading day after the Lunar New Year holiday. Commodity companies have started to feel the impact of the coronavirus outbreak, with steel inventory surging last week, as demand from downstream industries was hit by the epidemic.
China’s iron ore futures for May delivery tumbled by the daily limit of 8 per cent to 606.5 yuan per ton. Steel rebar futures closed 7.5 per cent down at 3252 yuan per ton. Crude oil futures for March delivery also plunged by the 8 per cent daily limit to close . . .
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