DAILY: China iron ore prices dip further, sales thin
Jul 27, 2020 19:07
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Prices for imported iron ore in China’s portside and seaborne cargo markets dipped further on July 27. Mysteel’s PORTDEX 62% Fe Australian Fines ended down by another Yuan 9/wmt ($1.3/wmt) from last Friday at Yuan 850/wmt FOT Qingdao and including the 13% VAT, while on the same day, the SEADEX 62% Fe Australian Fines price also eased by another $2.15/dmt from Friday’s price to reach $107/dmt CFR Qingdao – a new low since July 10.
On Monday, many iron ore traders adjusted their offering prices for different products lower by Yuan 5-10/wmt when iron ore futures prices showed softness. However, though traders were relatively active in selling their port inventories at hand, many steel mills displayed only limited willingness to procure some ore quantities today.