The spot prices of iron ore in China fell d-o-d amid concern about the increase in Covid-19 cases. It has broken confidence in the iron ore market. Benchmark Fe 62% fines prices fell by $2.05/t to $94.20/t CFR China on 22 Nov’22. Seaborne buying was restricted due to poor import margins. Mills have turned away from portside purchases due to negative steel mill output margins.
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