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Iron ore and steel futures fell on Tuesday amid risk-off sentiment ahead of a Chinese public holiday, but most contracts posted monthly gains on the back of better demand outlook from the property sector.
The benchmark May iron ore on the Singapore Exchange was down 0.6% at $116.50 a ton at 0706 GMT. The contract has gained 16% gain so far this month. “Today is just some risk-off prior to holidays, which is very normal for a pullback in ferrous,” said a trader. “ developers have not started bidding up land parcels like they’ve used to and steel consumption, in general, has not matched previous years’ strength,” the trader said.
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