DAILY: China’s iron ore prices up, trading stays low
Jan 17, 2020 18:55
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China’s iron ore prices gained on January 17, with Mysteel’s price index for portside 62% Fe Australian iron ore fines (PORTDEX 62% Fe Australian iron ore fines) reversing up by Yuan 6/wmt ($0.86/wmt) on day to reach Yuan 679/wmt FOT Qingdao including the 13% VAT. On the same day, Mysteel’s price index for seaborne 62% Fe Australian iron ore fines (SEADEX 62% Fe Australian iron ore fines) nudged up $0.5/dmt on day to $95.75/dmt CFR Qingdao.
With only one week to go before the week-long Chinese New Year holidays begin on January 24, many steel mills have already replenished sufficient iron ore to maintain normal production and so showed little interest in purchasing on Friday, Mysteel Global noted.
However, iron ore traders were optimistic about the