The spot price of iron ore Fe 62% fines fell sharply by $10.75/t to $206.55/t, CFR China, on 21 Jun’21. Steel market sentiments weakened after Beijing launched a probe into the spot iron ore market to check speculative trading as commodity prices continued to remain high despite repeated warnings issued by the government. Thin trading activity in the spot market amidst seasonal weakness in demand coupled with production cuts have resulted in the price correction. Moreover, the iron ore futures market has tumbled with the most-active Sept contract falling by RMB 82/t.
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