IRON-ORE/STEEL
Iron-ore and steel prices tumbled on Friday as prospects of a sharp global economic downturn fanned fears of a slump in demand for commodities, despite signs of a rebound in manufacturing activity in top metals consumer China. The spectre of a global recession fed an already clouded demand outlook for iron-ore in China, the world's biggest steel producer, where mills have idled dozens of blast furnaces recently in a bid to reduce high inventories amid weak orders.
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