Seaborne iron ore prices were down on Monday July 27, prompted by uncertainty over the short-term outlook due to escalating political tensions between the United States and China, according to trade sources. In a retaliation to the closure of the Chinese Consulate in Houston, Texas last Friday, China has ordered the closure of the US Consulate in Chengdu, Sichuan. Chinese authorities were heard to have reclaimed the former US Consulate offices as of Monday morning, according to local media outlets.
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