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Subsidy likely for local iron ore producers

China, the world's largest buyer of seaborne iron ore, may introduce a nationwide subsidy for local producers of the steel-making commodity amid slumping prices, according to the Shanghai Securities News. A plan for the proposed subsidy is in the final stages of being drafted and it could start as soon as the middle of this month, the newspaper reported on Wednesday, citing people in the industry that it didn't identify. Two versions of the subsidy are under consideration, the report said.