Spot iron ore price yesterday plunged by $5.8/t yesterday after Tangshan government tightens production curbs on 23 steelmakers throughout CY ’21, starting from 20 Mar ’21, to reduce emissions by 30-50%. The iron ore spot price (Fe 62% fines) fell sharply to $160.2/t CFR China. With China adopting a strong stance on emission controls and imposing steel output reductions, iron ore demand is expected to soften in coming months, market sources said. Chinese iron ore futures also remained under pressure with DCE’s most-traded May contract dropping by RMB 47 after production curbs announcement.
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