The spot price of iron ore Fe 62% fines remained largely stable at $201.90/t CFR China, up slightly by $0.40/t d-o-d on 23 Jul’21, as Chinese steelmakers were seen buying discounted fines (for blending) instead of premium ore despite improving steel margins. The iron ore futures market yesterday turned bearish on China’s steel production cuts. The most-traded Sept contract fell by RMB 14/t, as assessed by SteelMint.
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