China: Iron ore spot prices fall by $4/t amid bearish market sentiments

Iron ore fines (Fe 62%) spot prices decreased by $3.5/t d-o-d to $110.5/t CFR China on 5 Jul’24 amid cautious buyer behaviour driven by weak fundamentals. Reports indicate a persistent decrease in hot metal production, a slight reduction in steel mill operations, and a steady rise in iron ore port stocks.