The spot iron ore market softened Tuesday, after consecutive days of gains, as buyers withdrew amid uncertainty over future price direction. Platts 62% Fe IODEX dipped 50 cents to $59.25/ dry mt CFR North China. Rising ore prices were beginning to threaten mill margins, making them more cautious, sources said. “There is buying interest now, but offers have to be reasonable for buyers to accept, and they can’t spike as much as some offers had on Monday as that will scare buyers away,” a Shanghai-based trader said.
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