China: Iron ore spot prices edge up d-o-d following resumed activity post holidays

Iron ore fines (Fe 61%) spot prices rose by $0.5/dmt to $96.9/dmt d-o-d CFR China on 24 Feb. Prices gained support as market activity picked up after the holidays, especially in the primary market. Supply was slightly tight, making cargoes more competitive. However, mills remained cautious and showed limited interest in buying spot cargoes, while traders preferred to hold onto material, waiting for better market opportunities.