The spot price of Fe 62% iron ore fines fell by $10.75/t to $200.10/t, CFR China, on 21 May’21 due to weakening Chinese steel margins. Market participants are waiting on the sidelines for potential policy moderation on overall commodity prices. Also, several Chinese traders are expecting the wide price gap between port stock and seaborne transactions to disappear on lacklustre demand at the Chinese quayside. Iron ore futures in China, on the other hand, dropped by RMB 46/t ($7) on 21 May on weak sentiments.
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