The spot price of iron ore (Fe 62%) fines fell by $4.65/t to $218.20/t CFR China amidst expectations of tighter production curbs. A few regions including Tangshan, which had resumed production in early-Jul’21 post the centennial celebrations, are heard to have started implementing restrictions to cut crude steel production in H2 to meet the government’s 2021 target. This is likely to affect iron ore demand and prices in the near-term.
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