Iron ore fines (Fe 62%) spot prices dropped $1.80/t d-o-d to $102.30/t CFR China on 6 Aug’24. The decline was driven by bearish physical demand-supply fundamentals, overshadowing the previous day’s macroeconomic gains. The focus remained on discounted lower-grade products among end-users due to thin steel mill margins despite ongoing production cuts. Low iron ore inventories at mills supported portside procurement.
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