The spot price for iron ore Fe 62% fines reversed down by $8.30/t (d-o-d) to $215.45/t, CFR China, on 19 May’21, as the continuous fall in Chinese steel prices have put mill margins under pressure. End-users were reluctant to procure either from the seaborne or portside markets due to shrinking margins. However, port stocks for mainstream medium and high-grade fines remained tight, giving some traders confidence to procure seaborne cargoes, SteelMint gleaned from sources. On the other hand, Chinese iron ore futures on 19 May plunged by RMB 50/t ($8/t) as output curbs in the top steelmaking city, Tangshan weighed on sentiments.
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