China: Iron ore spot prices increase by $2/t d-o-d on strong market sentiments

Iron ore fines (Fe 62%) spot prices rose by $2.20/t d-o-d to $92.60/t CFR China on 19 Sep'24, driven by positive macroeconomic news and strong trading activity. Market sentiment was lifted by the Fed?s decision to cut interest rates by 50 basis points to 4.75%-5% - the first rate cut in nearly four years. Additionally, the resumption of production activities in northern China further improved the market outlook.