The spot price of iron ore Fe 62% fines dropped further by $1.05/t to $220.05/t CFR China on 19 Jul’21 as the steel market outlook remains unclear amidst production cuts in China. Market sources expect output cuts to intensify in the coming days, which are seemingly fuelling bearish sentiments in the steel market. The iron ore futures market, too, remained under pressure over output curbs and government price monitoring.
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