Iron ore spot prices continue to weaken as declining steel prices are putting pressure on margins. The price for Fe 62% fines dropped $11.85/t to $188.25/t, CFR China, on 24 May’21. Market activity was lacklustre as offer levels were heard higher than what most buyers were willing to pay. On the other hand, the iron ore futures market turned bearish after China’s National Development and Reform Commission (NDRC) warned of thorough checks on spot and futures markets in a bid to rein in ‘unreasonable’ commodities prices.
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