DAILY: China’s portside iron prices reverse down
Dec 05, 2019 19:19
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After Wednesday’s increases, Chinese iron ore prices for port inventories reversed down slightly on December 5, with Mysteel’s portside iron ore index decreasing by Yuan 3/wmt ($0.4/t) on day to Yuan 671/wmt FOT Qingdao including the 13% VAT. On Thursday too, the seaborne iron index stayed at $88.65/dmt CFR Qingdao, unchanged from yesterday.
In morning business on Thursday, offer prices for mainstream iron ore in China’s major portside markets were virtually stable. However, the plunge in finished steel prices saw iron ore traders’ sentiment turn negative during the day, Mysteel Global notes, with some sacrificing prices to boost sales and actively lowering their