WEEKLY: China's import iron ore prices drop faster

The decline in Chinese prices for imported iron ore accelerated during June 15-18, reflecting weakening freight-rate support amid falling oil prices and bearish sentiment across the ferrous sector, the findings of Mysteel's latest weekly report showed.

By June 18, the last working day before China's three-day Dragon Boat Festival holiday, Mysteel PORTDEX 62% Australian Fines in Qingdao had fallen by Yuan 22/wmt ($3.2/wmt) on week to Yuan 714/wmt FOT and including the 13% VAT. Meanwhile, Mysteel SEADEX 62% Australian Fines had slipped $2.8/dmt on week to