Spot iron ore price decreased as China’s steel export policy dampened the demand outlook. The Ministry of Finance announced a new policy to remove export VAT rebate for 146 steel products from 1st of May. The new policy would partially alleviate the tightness of steel supply in China by discouraging some steel exports and therefore rein in demand for iron ore potentially, market sources commented. Spot price for Fe 62% fines fell by $3.4/t yesterday to $190.45/t CFR China.
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