Spot iron ore price (Fe 62% fines) yesterday rose sharply by $6.35/t to $171.05/t CFR China on the back of expectations of firm demand in the near-term. According to sources, the recent slump in prices due to strict production curbs in Tangshan did not change the bullish price outlook for most market participants. Buyers expect prices to recover once the production curbs are lifted. The iron ore futures market rebounded as sentiment was boosted by a sustained recovery in downstream steel demand. The most active May iron ore futures contract rose by RMB 53/t.
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