The spot price of iron ore benchmark Fe 62% fines moved up by $2.90/t to $183.4/t CFR China on 2 Aug’21 due to firm demand. The spot market turned active after Beijing urged for stability in commodity prices. President Xi Jinping, in the recently held Politburo meeting, emphasised on implementing coordinated carbon reduction measures across provinces. China’s steel derivatives market tumbled yesterday with the most-traded SHFE rebar Oct contract plummeting by RMB 323/t and HRC futures Oct contract falling by RMB 389/t.
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