WEEKLY: China's import iron ore prices continue softening

The decline in Chinese prices for imported iron ore persisted during the week of June 8-12, as shrinking profit margins at steel mills continued to dampen their buying interest, while cost support for the commodity from freight rates also weakened, the findings of Mysteel's latest weekly report showed.

By June 12, Mysteel PORTDEX 62% Australian Fines in Qingdao had dropped Yuan 12/wmt ($1.8/wmt) on week to Yuan 733/wmt FOT and including the 13% VAT, while Mysteel SEADEX 62% Australian Fines had also dipped $0.15/dmt on week to $103.05/dmt CFR Qingdao. Steady rises in coke prices since April have