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DAILY: China’s iron ore prices diverge, trade stable

China’s imported iron ore market diverged again on October 22, with Mysteel’s 62% portside iron ore index edging down by Yuan 4/wmt ($0.6/wmt) on day to Yuan 686/wmt FOT Qingdao and including the 13% VAT to refresh its five-month low. Conversely, the 62% seaborne index rose by $1.25/dmt on day to $85.95/dmt CFR Qingdao on Tuesday.
Traders at major portside markets lowered their offer prices for mainstream products by a further Yuan 5-10/wmt in morning business in response to the steelmakers’ sustained low appetite for ore. “Most traders had little inclination to defend their ore prices today, and some even accepted a notable decline during negotiations with steel mills to

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