Iron ore fines (Fe 62%) spot prices rose by $1.25/t d-o-d to $103.55/t CFR China on 2 Aug’24 amid renewed market activity as prices reached levels acceptable to mills with fresh trades. Additionally, lower finished steel inventories have led mills to secure more feedstock in anticipation of potential demand increases. Port inventories of iron ore began to decrease this week, slightly relieving the overall supply-demand pressure.
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