Author: Nidhi Awasthi
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China: Iron ore spot prices drop $4/t on lacklustre economic data
Iron ore fines (Fe 62%) spot prices decreased by $4.10/t d-o-d to $96.15/t CFR China on 2 Sep’24. Prices were influenced by poor market fundamentals, reduced demand for steel due to a drop in manufacturing confidence as indicated by recent PMI data. The data for August indicates a slight decrease in manufacturing confidence, from 49.4%…