China’s iron ore fines (Fe 62%) spot prices fell $3.05/t d-o-d to $102.80/t CFR on 8 Nov’24, as the government’s stimulus announcement fell short of market expectations and participants turned cautious. An RMB 10 trillion ($1.40 trillion) debt package was unveiled to ease financial pressure on local governments and boost economic growth, but this was perceived as lacklustre and caused market activity to cool.
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