China: Iron ore spot prices fall by $1/t d-o-d amid weak market fundamentals
Iron ore fines (Fe 62%) spot prices dipped by $1.35/t d-o-d to $102.05/t CFR China on 19 Dec'24, driven by lack of improvement in market fundamentals, amid ongoing weak demand. In China, rebar destocking improved this week, following low production rather than stronger demand. Meanwhile, the USD strengthened after the Fed cut interest rates by 25 basis points to 4.25%-4.5% on 18 Dec, signalling further cuts in CY'25.