WEEKLY: China’s imported iron ore prices lose 15%

China’s imported iron ore prices experienced a week-on-week plunge of 15% to a several-month low during the August 5-9 period as the bearish market sentiment led many iron ore traders to focus on disposing of port inventories at hand by lowering their offering prices, according to market sources.

As of August 9, Mysteel’s pricing index for 62% Australian iron ore fines in port inventories had lost Yuan 121/wmt ($17.1/wmt) on week to settle at Yuan 739/wmt FOT (including the 13% VAT), the lowest since May 21. Over the same period, the pricing index for iron ore seaborne