Iron ore spot market yesterday saw a sharp decline in prices due to oversupply of mainstream medium grade fines for Nov month. Fe 62% fines price stood at $115.55/t CFR China, falling sharply by $4.20 d-o-d. The selling pressure and limited buying interests may continue to impact Dec’20 laycan cargoes, as per traders. Yesterday, DCE iron ore futures fell by RMB 22 and SGX by $3.65, as per SteelMint’s daily assessment.
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