upbeat report on iron ore, page-39

Chinese eye house market downturn

http://www.nzherald.co.nz/property/news/article.cfm?c_id=8&objectid=10536309
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"China can't afford a housing-market slump because the property sector accounts for a quarter of fixed-asset investment and 10 per cent of employment, Ulrich said."......

"The steel industry relies on construction work. Steel company shares tumbled yesterday after the China Securities Journal reported that some steelmakers would cut output by 20 per cent this month as demand cools.

Baoshan Iron & Steel fell 8.8 per cent and Angang Steel declined 10 per cent. The broad market gauge, the CSI 300 Index, closed down 5.1 per cent."