WEEKLY: China's import iron ore prices rebound, outlook still gloomy

Chinese imported iron ore prices saw a modest rally during July 6-10, mainly supported by concerns over potential supply constraints following reported restrictions on purchases of certain Fortescue fines, the findings of Mysteel's latest weekly report show. Yet the underlying fundamentals remain weak.

On July 10, Mysteel PORTDEX 62% Australian Fines was assessed at Yuan 711/wmt ($105/wmt) FOT and including the 13% VAT, up Yuan 11/wmt from a week prior, while Mysteel SEADEX 62% Australian Fines also rose $1.5/dmt on week to $100.75/dmt CFR Qingdao. China Mineral Resources Group, a state-backed iron ore