Iron ore fines (Fe 62%) spot prices declined by $1.45/dmt to $106.0/dmt CFR China on 28 Nov’25 amid subdued interest. Sentiment turned mildly bearish as participants awaited cues from the Dec’25 Politburo meeting amid macroeconomic uncertainty from a weakening US dollar. Mills shifted to need-based buying, with lower-grade discounts widening amid medium-grade tightness. Liquidity remained thin, while narrowing margins kept mills cautious.
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