Iron ore fines (Fe 62%) spot prices fell by $2.25/t d-o-d to $98.70/t CFR China on 14 Nov’24 amid continued thin liquidity in the seaborne market. Weak downstream steel demand pulled down buying interest. Additionally, the recent depreciation of the USD/CNY exchange rate has raised the cost of seaborne cargo for Chinese buyers, narrowing landing margins and reducing purchasing activities.
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