China: Iron ore prices slump d-o-d on sluggish demand for Feb’23 arrival cargoes

Spot prices of iron ore (Fe 62% fines) in China fell by $6.25/t d-o-d to $120.75/t CFR on 16 Jan’23. Prices slumped due to slow buying for February arrival cargoes as restocking by steel mills was almost finished before the Lunar New Year holidays. Some market participants said that weaker steel demand might have led to lower iron ore demand.