China’s iron ore fines (Fe 62%) spot prices decreased by $2.50/t d-o-d to $104.60/t CFR on 12 Dec’24 following slowing restocking activity, as most pre-Lunar New Year purchases are complete. Additionally, steel mills engaged in need-based buying rather than winter restocking amid declining margins. The delay in the arrival of mid-January laycan cargoes before the holiday further dampened demand and reduced seaborne premiums.
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