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datasets.iitb.crawledDocs.yn_08Oct08_file_236 Maven / Gradle / Ivy

    Updated: New York , Oct 08 07:12 London , Oct 08 12:12 Tokyo , Oct 08 20:12 RESOURCES Mitsui O.S.K. Drops on Lower Iron-Ore Demand Concern (Update1) By Chris Cooper Oct. 8 (Bloomberg) -- , operator of Japan's largest fleet of iron-ore carriers, dropped along with domestic rivals in Tokyo and fell to the lowest in more than three years on concern Chinese demand for iron-ore is weakening. The shipping line declined as much as 8.6 percent to 652 yen, the lowest since June 2005, and traded at 665 yen as of 10:23 a.m. in Tokyo. , Japan's biggest shipping line by sales, dropped as much as 5.4 percent to 521 yen and , the third-largest, slid as much as 9.2 percent to 465 yen. The , a measure of commodity-shipping rates, slid to a more than two-year low yesterday and is down 75 percent from its high this year. Chinese builders are curbing construction of steel-intensive housing as demand declines following increases in down-payment requirements and mortgage rates. ``Investors shouldn't buy shipping stocks,'' said , an analyst in Tokyo at Okasan Securities Co. ``All three shipping lines' share prices will be below 500 yen by the end of the year.'' To contact the reporter on this story: in Tokyo at Last Updated: October 7, 2008 21:27 EDT More News | | | | | | | | | | | | | |