DAILY: China’s iron ore prices stabilize, trading down

Chinese prices of imported iron ore stabilized on January 21, with Mysteel’s price index for 62% portside iron ore fines (PORTDEX 62% Fe Australian iron ore fines) unchanged at Yuan 700/wmt ($101.4/t) FOT Qingdao including the 13% VAT. On same day, the 62% seaborne iron ore fines price index (SEADEX 62% Fe Australian iron ore fines) also marked time at $95.5/dmt CFR Qingdao.
On Tuesday, iron ore traders raised their offers by around Yuan 5/t, and only agreed to concede Yuan 5-10/t in final negotiations. This was because they believed domestic steel mills which entered the market today – just three working days away from the Chinese New Year holidays which begin Friday


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