The spot prices of iron ore in China inched up d-o-d on 3 Nov’22 due to a slight improvement in steel prices. Benchmark Fe 62% fines prices increased by $0.70/t to $83.75/t CFR China. Despite an uptick in steel prices, seaborne buying interest has dwindled due to narrowing import margins. According to sources, the buying interest will be short-lived, as the market is expected to remain bearish until the end of the year.
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