The spot price of benchmark Fe 62% iron ore fines rose by $4.3/t to $218.40/t, CFR China, supported by higher steel prices as prospects of further output curbs in China fuelled demand for the steelmaking raw material. There is strong anticipation that the Chinese government will implement stricter production cuts on a wider scale in H2 CY’21 with an eye on meeting its annual crude steel output target of less than 1 billion tonnes. This could lead to tighter steel supply and higher margins, which in turn could push up steel prices.
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