The raw material's price this week returned to levels last seen when the annual pricing system was inforce.The benchmark spot price for 62% Fe CFR delivered to Tianjin port in China closed at $43.40/t on 23November (Monday), below the previous low of $44.10/t in July.Iron ore was last lower than that in 2007 when the annual price was $36.63/t, before a 65.98% rise to$60.80/t the following year.
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