The spot price of iron ore Fe 62% fines fell by $5.50/t day-on-day on 7 Jun’21 to $202.85/t, CFR China, as market participants stayed on the sidelines due to weak steel market sentiments. Steel prices slumped during the day resulting in further pressure on already weak mill margins. Steel demand has started weakening ahead of the rainy season with construction activities slowing down. DCE iron ore futures fell by RMB 54.5/t on weak demand outlook for the steelmaking raw material.
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