WEEKLY: China's import iron ore prices firm despite weak demand

Chinese prices for imported iron ore strengthened during the week of August 24-28, buoyed by rising domestic steel prices and supported by climbing freight rates after Middle East hostilities erupted again, according to Mysteel's latest weekly report.

On August 28, Mysteel PORTDEX 62% Australian Fines was assessed at Yuan 705/wmt ($104.8/wmt) FOT and including the 13% VAT, up Yuan 13/wmt from a week prior, while Mysteel SEADEX 62% Australian Fines also climbed $2.65/dmt on week to $100/dmt CFR Qingdao. Iron ore demand from domestic steelmakers remained subdued