Spot prices for iron ore fines (Fe 62%) surged by $3.8/t d-o-d to $136.15/t CFR China on 24 Jan’24. The sharp increase was fueled by strong macroeconomic indicators and active purchasing for March delivery shipments. China’s central bank decision to reduce the reserve requirement ratio contributed to the bullish sentiment, prompting some re-stocking activities and a gradual rise in demand from steel mills.
