The spot price of benchmark iron ore Fe 62% fines on 12 Aug’21 fell by $4.75/t to $161.45/t CFR China on demand-supply mismatch. There is surplus supply in the spot market, especially of medium-grade fines while demand is weak and is expected to remain weak for the near-term due to production curbs in China. Although steel margins remained healthy, production curbs prompted mills to prioritise cost savings over productivity, market sources said.
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