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DAILY: China’s iron ore prices down to 6-week low

China’s iron ore prices for both port inventories and seaborne cargoes both slumped to a six-week low on October 16, with Mysteel’s portside iron ore index losing another large Yuan 24/wmt ($3.4/wmt) on day to Yuan 712/wmt FOT Qingdao and including the 13% VAT, while the seaborne iron ore index reversed down by $5.05/dmt on day to $86.65/dmt CFR Qingdao. Both prices are the lowest since August 30.
On Wednesday, the price of the most-traded iron ore futures contract on the Dalian Commodity Exchange for delivery in January 2020, ended the daytime trading session at Yuan 617/dmt, down Yuan 20/dmt from Tuesday’s settlement price. “The futures price declined markedly mainly because market players feel this year’s production restrictions for

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