China: Iron ore spot prices increase by $2/t d-o-d amid supportive macroeconomic reforms

China's iron ore fines (Fe 62%) spot prices rose by $1.95/t d-o-d to $101.85/t CFR on 19 Nov'24 driven by positive macroeconomic developments. Market sentiment improved following new real estate announcements, including incentives for state-owned enterprises to buy small commercial housing units in Guangzhou and reduced transaction taxes. The NDRC also reaffirmed its commitment to annual economic growth targets, boosting optimism further.