DAILY: China’s iron ore prices stabilize, trading cools
Jul 10, 2020 19:09
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China’s prices for imported iron ore were generally steady on July 10, with Mysteel’s PORTDEX 62% Fe Australian Fines recovering by a tiny Yuan 2/wmt ($0.3/wmt) on day to reach Yuan 821/wmt FOT Qingdao and including the 13% VAT. On the same day, the SEADEX 62% Fe Australian Fines index stayed at $106.85/dmt CFR Qingdao, unchanged on day.
On Friday, most traders ignored yesterday’s decline in portside iron ore prices and raised their offer prices slightly, confident that tradeable iron ore stocks at ports remained low.
However, Chinese steel mills were generally reluctant to submit bids today, given that most had largely replenished their inventories during the first four