WEEKLY: China iron ore prices plunge as trading dies

Chinese iron ore prices reversed down over the October 28-November 1 week when a new round of emergency production curbs on steel mills in North and East China dampened many mills’ buying interest in raw materials.

As of November 1, the pricing index for 62% Australian iron ore fines for port inventories was assessed at Yuan 674/wmt ($95.79/wmt) FOT Qingdao and including the 13% VAT – down Yuan 27/wmt on week and a new low since May 6. That for seaborne cargoes of the same