The spot price of Fe 62% iron ore fines rose $3.40/t to $191.65/t, CFR China, as Chinese steel prices have found temporary support at current levels. With falling steel margins in China, sources expected procurement interest to gradually consolidate toward medium-grade fines, as maximising blast furnace productivity might no longer be the top priority. Similarly, interest for low-grade fines could also rise. According to sources, demand was steady although buying interest was kept at bay by the sharp and quick fall in steel prices. With prices having found some support now, the relative squeeze in global iron ore supplies could again become the main focus.
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