Spot iron ore Fe 62% fines price yesterday fell sharply by $9.35 to settle at $156.2/t CFR China. Weaker sentiments and demand lull before Lunar New Year holidays weighed on the prices. Sources also pointed to potentially lower iron ore imports by China in CY ’21, driven by a target to reduce annual crude steel output, as another bearish factor for prices. However, it is expected that prices may find some support post the Chinese holidays as the demand is expected to improve.
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