Spot iron ore price (Fe 62% fines) yesterday rose by $4.15/t d-o-d to $160.5/t CFR China. While the sentiment for Tangshan iron ore demand remained depressed due to the tightening environmental controls, expectations for demand elsewhere were supported by firm flat steel prices and healthy margins. Market participants expected firm demand for medium to higher grade iron ore fines as steelmakers ramp up overall production levels to meet steady downstream steel demand in China. Chinese iron ore futures market also remained positive with an uptick in DCE’s May contract.
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