With cumulated exports in the first half of 2024 rising +4.4% YoY to 816Mt, the week was far from an outlier. Triggered by improving economic data on China’s economy, yet ignoring abundant supply, iron ore prices rallied by +12% WoW. The spike suggests a pause in opportunistic purchases in Asia, as confirmed by the Capesize spot index relaxing -8% DoD from a 32.2k$/day high on Tuesday.
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