Iron ore (Fe 62%) fines spot prices dipped d-o-d by $3/t to $131.80/t CFR China on 31 Jan’24 following the weak steel mill margins and downtrend production. The NBS China reports that for the fourth consecutive month in January, the manufacturing PMI was in the restrictive zone, suggesting a decline in the demand for iron and steel downstream. Several steel mills are currently undergoing maintenance shutdown amid off-season demand
