UTC+8 ( BJT)

DAILY: China iron ore prices retreat, sales thinning

China’s prices for imported iron ore in the portside and seaborne markets both softened on August 7, with Mysteel’s PORTDEX 62% Fe Australian Fines reversing down by Yuan 7/wmt ($1/wmt) on day from Thursday’s seven-year high to reach Yuan 917/wmt FOT Qingdao including the 13% VAT. On the same day, the SEADEX 62% Fe Australian Fines index also lost $1.7/dmt on day to reach $118.65/dmt CFR Qingdao.
On Friday, traders in the portside iron ore market were active in offering, with some even reducing their offering prices by Yuan 5-10/wmt to prompt sales. But most steelmakers were not tempted by the reductions, having replenished sufficient stocks over the previous few days, and most were uninterested even in submitting inquiries. Only those makers

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