China: Iron ore spot prices drop $2/t d-o-d as bearish market sentiment prevails

Iron ore fines (Fe 62%) spot prices fell by $1.95/t d-o-d to $103.90/t CFR China on 28 Feb’25 due to weak fundamentals and bearish sentiment. Mills preferred discounted medium-grade fines; however, steel margins improved. As per reports, the upcoming US tariffs and low expectations for next week’s meetings weighed on overall market sentiment.