Iron ore fines (Fe 62%) spot prices decreased by $1.15/t d-o-d to $103.20/t CFR China on 22 Jul’24. The market witnessed weak downstream steel demand and slow trading activity, contributing to the price drop. Although China’s central bank cut the one-year loan prime rate to 3.35% and the five-year loan prime rate to 3.85% to alleviate debt repayment pressures on local governments, the domestic economy and demand remained subdued.
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