Iron ore fines (Fe 62%) spot prices inched up by $0.55/t d-o-d to $104.10/t CFR China on 5 Aug’24 amid recovering physical fundamentals and market attentiveness to macroeconomic news. Resilient crude steel production and some destocking activities at Chinese ports have bolstered demand. Moreover, to minimise losses, certain steel mills are decreasing production of molten iron and purchasing cheaper low grade fines.
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