China: Iron ore spot price dips on steel output cut worries
Iron ore (Fe 62% fines) prices in the Chinese spot market inched down by $0.60/t to $217.85/t CFR China on 13 Jul'21 as buyers retreated on competitive prices of mainstream products in the secondary market against the backdrop of steel production cuts. Spot premiums of mid-grade fines were heard to have fallen further over demand weakness. However, on the other hand, DCE iron ore futures' most-active contract for Sept delivery jumped by RMB 36.5/t on increasing supply concerns.