China iron ore price rises amid mills re-stocking
Iron ore (Fe 62%) fines spot prices rose by $1.45/t to $141.45/t CFR China on 26 Dec'23 against 22 Dec. The prices of iron ore fines in China increased due to a high demand for re-stocking by steelmakers before Chinese New year holidays. Market participants expect this re-stocking trend to continue until early January, followed by a surge in demand in the portside market. In another way they are seeking iron ore at reasonable price for cost-effectiveness.