Spot prices of iron ore in China improved d-o-d on increased buying in the seaborne market as Chinese end-users begin restocking for the Chinese Spring Festival which begins in early 2023. Benchmark Fe 62% fines prices moved up by $3.20/t to $99.65/t CFR China on 25 Nov’22. Some traders cited slight optimism in the iron ore market and demand outlook in the short term remains positive.
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