In November, the average iron ore price increased $1/ton from the previous month to $93/tonne CFR in China. Throughout November, the dynamics of offers were positive.
The increase in iron ore prices was due to the positive dynamics of the finished product futures market in China and the increase in spot demand.
Demand was supported by the lifting of covid restrictions in China, and commodity prices continued to rise despite the worsening epidemiological situation in the country. The positive correction in iron ore prices was also associated with lower inventories at Chinese ports and the expectation of restocking. According to foreign sources, iron ore prices in the last week of October were at Chinese CFR $103.1/t.
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