Iron ore dips on the back of cooling demand and stockpiling
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Iron ore futures fell due to cooling demand and stockpiling, with the most-traded May contract on China's Dalian Commodity Exchange down 0.51% and the Singapore Exchange benchmark down 0.1%. Chinese iron ore stockpiles rose 2.26% week-on-week. Steel demand in China has declined amid a struggling property market. Other steelmaking ingredients like coking coal and coke also saw price drops. Japan criticized China's licensing system for steel exports, citing ineffective measures and government subsidies leading to overproduction.
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