China: Iron ore spot prices fall by $2/t d-o-d following sluggish demand
Iron ore fines (Fe 62%) spot prices dipped by $1.85/t d-o-d to $108.65/t CFR China on 8 Jul'24 amid weak market fundamentals. Slow demand for finished steel products due to current weather constraints has put pressure on near-term iron ore demand. Severe rainfall and flooding in southern China have caused delays in construction work and transportation, contributing to a drop in seaborne iron ore prices.