DAILY: China iron ore prices retreat, sales thinning
Aug 07, 2020 18:54
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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