WEEKLY: Rising supply pressures China's import iron ore prices

Chinese prices for imported iron ore retreated during January 12-16, pressured by rising supply in the absence of news supporting the steel sector. Nonetheless, the prices held at relatively high levels, reflecting sustained optimism regarding pre-Chinese New Year replenishment demand from steelmakers.

By January 16, Mysteel PORTDEX 62% Australian Fines in Qingdao had dropped by Yuan 8/wmt ($1.1/wmt) to Yuan 822/wmt ($119/wmt) FOT and including the 13% VAT, while Mysteel SEADEX 62% Australian Fines had also lost $2.65/dmt to $106.55/dmt CFR Qingdao. Fundamentals in China's import iron ore market softened during the