RIO DE JANEIRO, BRAZIL - Iron ore extended its losses on a warning from Australian miner BHP that it expects "severe cuts" in Chinese steel production to become increasingly likely this year. The move could impact production at Vale S.A., the world's largest mining company.
The prospect of significantly lower steel output in the second half of the year "tests the bullish resolve of the futures markets," BHP wrote in a commodities landscape report on its website. The price of iron ore traded in Singapore has fallen about 30 percent since its peak in May.
China's steel industry . . .
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