Spot iron ore price for Fe 62% fines yesterday decreased by $2.3 d-o-d to $174.35/t CFR China on slow demand recovery for the raw material from end-users. The pollution-related production and transportation curbs in Tangshan put a damper on mills’ restocking. Furthermore, weather in China after the Lunar New Year is unfavorable for construction activities. This is likely to keep prices under pressure in the near-term. Meanwhile, iron ore supply remained tight as arrival volume from Brazil and Australia remained relatively low.
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