Spot iron ore price (Fe 62% fines) increased further by $2.05/t d-o-d to $172.90/t CFR China. Despite the weakness in iron ore demand from Tangshan mills due to strict emission controls, sentiments for seaborne prices were lifted by the wide steel margins for both rebar and HRC across China. Market sources saw flat steel margins in Northern China climbing towards RMB 1,000/t and expected margins to improve further with continued regional production curbs and traditional peak season for downstream steel demand from Apr to May. Meanwhile, Chinese iron ore futures yesterday closed higher by RMB 22.5/t d-o-d.
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