Spot iron ore fines (Fe 62%) price surged by $9.95/t d-o-d to $202.65/t CFR China after Labor Day holidays (01-05 May), underpinned by positive demand outlook and concerns of potential import difficulties from Australia. Market sources were concerned that the escalating tensions between China and Australia might result in difficulties in importing iron ore from down under. Meanwhile, steel prices continued to rise in China after the holiday, lifting expectations of higher iron ore demand. On the other hand, China’s ferrous futures market also remained optimistic, pushing prices to a record-high.
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