Spot iron ore Fe 62% fines price increased sharply by $3.2 to $189.65/t CFR China. Chinese steel prices continued to strengthen during the Labor Day holiday, on tightening steel market. Some sources expected the higher steel prices to lift iron ore prices too. However, other market sources cautioned against such price optimism, as “the uptick in steel prices was driven by the expectations of further production cuts, which might slow iron ore demand”.
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