China: Iron ore spot prices rise by $2/t d-o-d amid poor weather in Australia
Iron ore fines (Fe 62%) spot prices increased by $2.15/t d-o-d to $103.05/t CFR China on 16 Jan'25. The rise was driven by concerns over heavy rains in Western Australia, and improving finished steel production provided some support. Delays of up to 3-4 days were expected for cargoes. However, there was minimal impact on supply, with liquidity for seaborne fines thin as mills have completed restocking.