Iron ore (Fe 62%) fines spot prices dropped sharply by $4/t d-o-d to $100.2/t CFR China on 15 Mar’24 due to weak buying interest amid poor downstream steel demand. Prices are at a 10 -month low. The market remained worried about decreased downstream steel demand, particularly without any support from the government. Due to poor production margins and lack of demand , both steelmakers and local miners announced a reduction of 30% in operating rates.
