WEEKLY: China's import iron ore prices decline further

Chinese prices for imported iron ore lost more ground last week, primarily because the volatile situation in the Middle East keeps rattling market sentiment. In addition, growing expectations that China's state-owned iron ore buyer, China Mineral Resources Group (CMRG), and global miner BHP may soon reach an agreement on a 2026 term contract also weighed on the prices.

By April 10, Mysteel PORTDEX 62% Australian Fines in Qingdao had fallen by Yuan 10/wmt ($1.5/wmt) on week to Yuan 759/wmt FOT and including the 13% VAT, while Mysteel SEADEX 62% Australian Fines had also dropped $3.2/dmt on week to $106.35/dmt CFR Qingdao. Despite the US and Iran reportedly agreeing