Iron ore fines (Fe 62%) spot prices fell sharply by $5.5/t to $92.75/t CFR China on 15 Aug’24 compared to 13 Aug’24 as steel mills faced significant losses, prompting production cuts and minimal procurement of iron ore. Mills are prioritising cost-effective blending strategies, opting for medium-grade fines over high-grade alternatives. Market participants are finding it difficult to sell as buyers hold back purchases amid bearish market sentiment.
Leave a Reply