WEEKLY: China's import iron ore prices diverge, demand wanes

Chinese prices for imported iron ore followed diverging trends in the portside and seaborne markets during October 12-16, with Mysteel SEADEX 62% Australian Fines edging up 0.8% on week to $92.4/dmt CFR Qingdao on October 16, and the PORTDEX 62% 62% Australian Fines sliding 1.4% on week to Yuan 647/wmt ($647/wmt) FOT and including the 13% VAT.

Earlier this month, prices for seaborne cargoes had fallen to their lowest level in over two years, drawing more market participants back into trading and providing some upward momentum for prices, Mysteel Global learned. The portside market, however, was still under pressure from the weak buying interest of steelmakers, Mysteel