China rings bell at top for iron ore and steel

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Via Reuters:

Chinese iron ore futures dropped more than 2 percent on Monday, adding to the previous session’s steep losses, as steel prices extended declines after the Shanghai exchange increased transaction fees to fight speculative trading.

The higher fees followed a rally in rebar futures last week to their highest since 2013 amid strong volumes, which the China Iron and Steel Association said was largely driven by speculative investors.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.