Iron ore fines (Fe 62%) spot prices dropped by $1.30/t d-o-d to $100/t CFR China on 22 Oct’24 amid weak market sentiment, driven by low buying interest, as several northern Chinese cities, including Tangshan and Handan, implemented level-2 emergency responses due to heavy air pollution forecasts. This prompted steel mills to prioritise using existing inventories rather than procuring new material, reducing demand.
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