The spot price of iron ore Fe 62% fines fell sharply by $13.10/t to settle at $170.05/t CFR China on 5 Aug’21, as demand for the steelmaking raw material waned. The market turned bearish over demand concerns against the backdrop of stringent steel production curbs in China. DCE iron ore futures’ most-traded Jan’22 contract hit a four-month low, dropping by RMB 52.5/t ($8.12/t) on 5 Aug.
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