China’s iron ore fines (Fe 62%) spot prices plunged $4.65/t d-o-d to $99.75/t CFR on 17 Oct’24 amid weak market sentiment, driven by an underwhelming housing sector stimulus and sluggish trades. On Thursday, the government announced plans to expand the “whitelist” of housing projects and increase bank lending to RMB 4 trillion. However, these measures failed to meet market expectations, leading to declining iron ore prices.
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