China: Iron ore spot prices rise by $3/t d-o-d amid positive market sentiments

China's iron ore fines (Fe 62%) spot prices increased by $3.10/t d-o-d to $99.90/t CFR on 18 Nov'24. Prices strengthened in the fresh trading week due to demand for seaborne medium-grade fines and positive macroeconomic sentiment. Steel mills remained cautious, prioritising readily available portside stocks rather than purchasing from the seaborne market, keeping inventory levels in check and monitoring cargo landing margins.