The spot price of iron ore Fe 62% fines increased by $1.75/t d-o-d on 3 Jun’21 to settle at $211.20/t, CFR China, on strong downstream steel demand and higher steel prices in China. Portside iron ore supply is likely to remain tight in the coming days as Walcott and Dampier ports have scheduled maintenance in Jun’21. Also, market sources reported supply constraints from Brazil. Sep’21 iron ore futures contract on DCE closed at RMB 1,194/t ($187) on 3 Jun, higher by RMB 25.5/t d-o-d.
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