China: Spot iron ore prices hold above $100/t
China's iron ore fines (Fe 62%) spot prices remained largely stable at $100.1/t CFR on 20 May'25 amid limited fresh trading, as mills' focus shifted to margin protection. Lower-grade fines remained more favourable, with narrowing discounts, but this trend seemed unsustainable amid declining trade. Additionally, yesterday's interest rate cuts by the central bank boosted liquidity, while falling coke prices eased costs for steel mills.