Author: Lalita
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China: Iron ore spot price gains on higher steel prices
The spot price for iron ore Fe 62% fines moved up by $1.95/t to $218.45/t CFR China on 12 Jul’21 on the back of strong steel prices despite weak demand. Market participants believe that the 0.5% reduction in the required reserve ratio for banks announced by the Chinese government may support downstream industries which, in…