The spot price of benchmark Fe 62% iron ore fines rose by $9.2/t day-on-day to settle at $198.75/t, CFR China, on 31 May’21. Market sentiments turned positive amid talks of potential easing of production curbs in China’s top steelmaking city, Tangshan. Also, a strong ferrous futures market supported the spot price. The most-traded Sep’21 iron ore futures contract on the Dalian Commodity Exchange (DCE) jumped by RMB 51/t, while June’21 futures contract rose by $12.15/t on the Singapore Exchange (SGX) on 31 May’21.
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