The spot price for iron ore Fe 62% fines dropped by $1.50/t to settle at $217.3/t CFR China as supply concerns eased. Australian miner BHP had begun iron ore production from its South Flank mine in late-May’21, which fuelled expectations of improving shipment volumes in Q3 CY’21. Meanwhile, spot demand continued to remain weak amid monsoon and implementation of further production curbs in China after the CCP’s centenary celebrations.
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