Spot iron ore price (Fe 62% fines) increased by $1.25/t to $161.45/t CFR China on active spot buying of mainstream medium grade iron ore fines. Market participants saw a growing demand and preference for seaborne iron ore fines cargoes on May pricing basis as April loading iron ore resources remained limited and scattered, but the expectations for forward month pricing basis were stagnant. On the other hand, iron ore futures prices remained range-bound while steel futures (rebar and HRC) rose yesterday.
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