China: Iron ore spot prices fall by $1/t d-o-d on weak signals after State Council policy briefing

Iron ore fines (Fe 62%) spot prices decreased by $1.20/t d-o-d to $101.20/t CFR China on 22 Nov’24, driven by subdued market sentiment after China’s State Council policy briefing yesterday fell short of expectations. The dollar’s recent strengthening against the yuan has negatively impacted seaborne iron ore trade. Steel mills are buying only as needed, resulting in offers falling below miners’ expectations.