The spot prices of iron ore in China decreased d-o-d as the country’s Covid-19 cases increased, potentially affecting market recovery. Benchmark Fe 62% fines prices fell $2.85/t to $96.25/t CFR China on 21 Nov’22. Covid-19 regulations are tightening up again in Beijing, and possibly spreading to other cities would harm market sentiments. Furthermore, some mills may begin restocking ahead of the holidays in mid-December.
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