Iron ore (Fe 62%) fines spot prices sharply dropped by $6.85/t d-o-d to $121.95/t CFR China on 20 Feb’24. Prices are hovering at a 4-month low. Steel mills have lower-than-expected restocking demand for iron ore, as market participants wait for greater clarity on prices. DCE iron ore futures for the May’24 contracted sharply by RMB 42/t ($6/t) d-o-d to RMB 909.5/t ($127/t) yesterday.
