The spot price of iron ore Fe 62% fines on 26 Jul’21 rose by $1.05/t to $202.95/t CFR China despite low demand. End-users preferred to buy discounted medium-grade ore over high-grade material with an eye on cost optimisation due to steel production cuts. Iron ore futures, on the other hand, moved up by RMB 12.5/t on positive sentiments.
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