Iron ore fines (Fe 61%) spot prices spiked up by $2.6/dmt d-o-d to $109.25/dmt CFR China on 7 Jan’26. The increase was driven by a positive Chinese macro outlook, strong steel demand, and firm restocking ahead of Lunar New Year. Higher blast furnace utilisation, tighter mill inventories, and supportive coking coal futures further boosted the market, as market noted strong procurements in recent weeks.
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