The spot price of iron ore Fe 62% fines dropped by $1.70/t to $214.90/t, CFR China, on 24 Jun’21 as weak demand outlook during the rainy season and thin Chinese steel margins weighed on sentiments. Demand for medium- and high-grade fines remained moderate while no improvement in demand for low-grade fines was observed. Furthermore, a new set of production cuts were heard to have been rolled out in Tangshan to ensure good air quality during the celebrations of the Chinese Communist Party’s 100th anniversary on 1 Jul.
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