Spot iron ore price for Fe 62% fines yesterday surged by $5.5/t to $174.45/t CFR China with the return of Chinese buyers to spot market post-New Year holidays. Strong buying interest was observed for Mar’21 loading cargoes as buyers sought to capitalize on post-holiday end-user procurement activities. Chinese iron ore derivatives also witnessed a strong surge with the most-active May’21 futures closing at RMB 1,131.5/t.
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