WEEKLY: Chinese iron ore concs prices weaken

Offering prices of domestically-produced iron ore concentrates in most areas of China under Mysteel's tracking trended south over May 9-13. The decline was mainly due to the lower bidding prices tabled by steelmakers amid their dull demand and the bearish sentiment prevailing in the iron ore market, market sources said.

For example, in Tangshan in North China's Hebei, the offering price of 66% Fe grade domestic iron ore concentrates had decreased to Yuan 1,170/dmt ($172/dmt) EXW and including the 13% VAT by May 13, falling by Yuan 67/dmt on week, according to Mysteel's survey. Market pessimism worsened last week after