The spot price of iron ore in China fell sharply on 14 July on continued weakness in steel demand and a lack of seaborne buying interest. Benchmark Fe 62% fines prices moved down by $9.15/t to $100.25/t CFR China. Seaborne buying liquidity was thin with limited bids heard in the secondary market. According to sources, mills are finding it more cost-effective to sell expensive or better-quality iron ore products from long-term contract cargoes and buy them in smaller quantities at portside.
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