Iron ore fines (Fe 62%) spot prices rose by $2.30/t to $94.60/t CFR China on 12 Sep’24, driven by improved liquidity and increased buying interest at lower price levels. Declining inventories of rebar and hot-rolled coil indicate a recovery in steel demand. Additionally, increased purchasing activity ahead of the Mid-Autumn Festival and stronger export volumes for finished steel further supported the uptrend.
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