Spot iron ore price for Fe 62% fines yesterday dropped by $2.85 to $172.75/t CFR China following a downturn in the futures market. Sentiments weakened after Tangshan announced winter production curbs to control pollution. Market participants were mixed in their expectations toward preferential demand for Mar or Apr-pricing cargoes. Some believed that speculative demand may shift towards Apr-pricing cargoes on account of the current pollution controls, while others said that weakening levels for Mar-pricing cargoes would attract both end-users and traders looking to resell them in the portside market.
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