China’s iron ore fines (Fe 62%) spot prices remained unchanged at $100.15/t CFR on 21 May’25. Market liquidity was low amid thinner trading activity, with demand easing following the macroeconomic stimulus boost of last week. High-grade demand was weak, as mills turned to mid-to-low grade blends. Although there remained some positivity regarding US-China trade negotiations, overall, the recent tariff reductions failed to sustain bullish momentum.
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