China: Spot iron ore prices sharply rise by $6/t amid recovery in steel margin

Iron ore (Fe 62%) fines spot prices rebounded by $5.95/t to $104.45/t CFR China on 8 Apr’24 amid improved buying interest following the recovered steel margin. However, mills are still reluctant to use high grade, opting instead for lower grade fines. Market participants expect that demand might increase in the second quarter of CY24 with mills restocking more often on improving margins.