China: Iron ore spot prices fall to below $100/t amid weak market fundamentals

Iron ore fines (Fe 62%) spot prices dropped by $2.45/t d-o-d to $99/t CFR China on 30 Jul’24. This is the second time in four months that prices fell below the $100/t level since 5 Apr’24, reflecting ongoing weak fundamentals in the market. The recent decrease in iron ore arrivals at Chinese ports has resulted in lower port inventories.