China’s iron ore spot market yesterday remained weak due to production curbs in Tangshan. The spot iron ore price (Fe 62% fines) remained almost stable at $160.2/t CFR China. According to sources, a few Tangshan mills are reselling their volumes due to the production curbs. As long as the curbs are strictly implemented, more mills are expected to follow suit, as they can still make a profit out of reselling, sources said. Further, the price spread between high and medium grade fines widened, driven by expected supply tightness of Carajas Fines (IOCJ) amid production constraints in Tangshan. Meanwhile, Chinese iron ore and steel futures market also remained dull amid uncertain demand outlook.
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