The spot price of benchmark Fe 62% iron ore fines inched down by $1.20/t to $221.10/t CFR China, with the spot market witnessing a surfeit of offers from end-users as they were in a hurry to resell cargoes. This was because of the Chinese government’s motto of tightening the leash on steel production in H2 CY’21. Besides, steel margins remained weak on high raw materials prices. However, demand for high-grade fines remained moderate with only a limited number of offers being tracked.
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