Spot iron ore Fe 62% fines price yesterday edged lower by $0.65/t to $172.35/t CFR China. Continued steel production cuts weighed on iron ore demand. Active reselling of medium grade cargoes in the secondary market has limited speculative buying interest toward direct cargoes from the miners. Selling pressure for secondary market cargoes have also increased on concerns of over-supply, market sources said. Meanwhile, iron ore futures in China market continued its uptrend with DCE’s Sep contract rising RMB 8.5/t.
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