China: Iron ore spot prices sharply rise by $5/t d-o-d
Iron ore fines (Fe 62%) spot prices increased d-o-d by $5/t to $94.60/t CFR China on 24 Sep'24 amid stimulus announcement news from the country. The central bank's decision to cut the reserve requirement ratio by 50 basis points, along with plans to reduce interest rates, has significantly boosted market sentiment by introducing long-term liquidity and reducing borrowing costs.