DAILY: Portside iron ore price drops, trade thinning
Nov 08, 2019 19:11
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China’s iron ore market cooled further on November 8, amid the reduced inclination for ore procurement among steelmakers monitored. Mysteel’s 62% portside iron ore index refreshed its seven-month low at Yuan 647/wmt ($92.4/wmt) FOT Qingdao and including the 13% VAT Friday, dropping by Yuan 8/wmt on day. In parallel, the 62% seaborne iron ore index dived by $3.1/dmt on day to reach $79.4/dmt CFR Qingdao, a nine-month low.
Traders at major ports again lowered their offer
prices for port inventory by Yuan 5-10/wmt, with some who anticipate a
sustained bearish market in the near future rushing to sell, according to a
market watcher in East China’s Shandong. However, steelmakers showed less inclination
to procure ore today, after completing scheduled replenishment previously.