China’s iron ore fines (Fe 62%) spot prices rose $1.05/t d-o-d to $104.40/t CFR on 27 Nov’24, following improved market stability and an uptick in primary and secondary market offers. Although seaborne restocking is mostly complete, last-minute purchases may support prices. Additionally, another PBOC meeting is scheduled for Dec’24, which typically boosts sentiment. Mills are keeping inventories low, with limited interest in purchasing full-size cargo.
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