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UPDATED: China’s iron ore futures hit three-month low on downbeat demand outlook, rising stockpiles

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China's iron ore futures tumbled on Monday to hit the lowest level in almost three months, dragged by downbeat outlook for demand for the steelmaking ingredient in China, where steel inventory has piled up due to tepid consumption.

The most-traded iron ore contract on the Dalian Commodity Exchange for January 2020 delivery is slumping by as much as 4.5 per cent to 616.5 yuan a tonne as of 11:10 am Beijing time.

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