The spot price for iron ore Fe 62% fines dropped by $4/t day-on-day on 27 May’21 to $187.65/t, CFR China. Speculative interest dwindled as market sources expected downstream steel demand to weaken into summer. Moreover, the heightened scrutiny on speculative trades in China has impacted China-based buyers in the spot market. However, DCE iron ore futures rose by RMB 52/t and that on SGX jumped $9.75/t amid a volatile Chinese steel market.
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