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 turn, may increase iron ore and steel demand. The news also lent support to the iron ore futures market. The most-traded Sept’21 contract on the DCE closed higher by RMB 25.5/t.
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