DAILY: Mid-East tensions lift China's import iron ore prices, sales

Chinese prices of imported iron ore for both portside stocks and seaborne cargoes rose on March 2, while trading activity in both markets also jumped. Industry watchers cited the geopolitical conflict in the Middle East and the effect of Iran's "closure" of the Strait of Hormuz and the likely impact on ocean freight rates for the price rises. Disruptions to global shipping would also impact China's iron ore imports, they argued.

On Monday, Mysteel PORTDEX 62% Australian Fines in Qingdao gained by Yuan 7/wmt ($1/wmt) from last Saturday, a makeup workday for the Chinese New Year (CNY) holiday, to reach Yuan 758/wmt FOT including the 13% VAT, while Mysteel SEADEX 62% Australian Fines mounted moderately by $1.1/dmt from Saturday to