Iron ore (Fe 62%) fines spot prices increased by $1.3/t d-o-d to $119/t CFR China on 7 Mar’24 as few trading activities were recorded due to a slight uptick in the demand for finished steel goods. Steel mill production margins have slightly improved, which shifted mills’ focus to buying medium and high-grade iron ore cargoes. Meanwhile, DCE iron ore futures for the May 2024 contract also rose by RMB 8.5/t ($1/t) d-o-d to RMB 890/t ($124/t) yesterday.
