China: Iron ore spot prices drop by $2/t d-o-d amid weak restocking activity
China's imported iron ore fines (Fe 62%) spot prices fell by $1.95/t d-o-d to $103.40/t CFR on 18 Dec'24 driven by weaker winter restocking, ample supplies, and easing concerns over Australian supply disruptions from adverse weather. Additionally, Chinese steel mills faced narrowing profit margins, prompting increased blast furnace maintenance and reduced molten iron production, further dampening demand for iron ore.