Bearish steel fundamentals continued to depress the spot iron ore market Thursday, as buyers shunned spot procurement. Platts assessed the 62% Fe Iron Ore Index at $61/dry mt CFR North China, down $1.75/dmt day on day. “Steel has failed to rebound even as we are [theoretically] in the middle of what [should be] the seasonal boom period for steel demand. So, no recovery means poorer buying interest for iron ore,” a steelmaker based in Zhejiang said.
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