China: Spot iron ore prices drop by $2.5/t amid weather constraints
Iron ore (Fe 62%) fines spot prices fell by $2.5/t d-o-d to $138.90/t CFR China on 28 Dec'23 due to maintenance work taking place at multiple Chinese steel mills. The iron ore demand was affected due to low margins and slowed steel production. Cold weather hampered the construction site activities which led to a downtrend in finished steel demand.