Market evaluation company BMI, a Fitch Solutions business, has actually changed down its 2024 iron-ore cost projection from approximately $120/t to $110/t, as controlled need in landmass China amidst the recurring home slump remains to apply down stress on the iron-ore market. In its market discourse released on August 22, the business claimed that iron-ore, at 62% iron web content, rates at Qingdao Port are presently floating listed below $100/t, regarding $88/t since August 16, noting the most affordable degree given that November 2022, with the year-to-date standard in 2024 so far being $109/t.
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