Iron ore fines (Fe 62%) spot prices dipped d-o-d by $1/t to $104.50/t CFR China on 6 Nov’24. The market is cautious due to macroeconomic uncertainties, a seasonal demand slowdown, and limited portside activity. Market participants await outcomes from China’s National People’s Congress meeting and the U.S. election results. As winter approaches, the demand for medium-grade products for steel mills is also decreasing.
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