DAILY: Futures rise spurs China iron ore price recovery
Sep 18, 2020 19:10
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Prices for imported iron ore in China’s portside and seaborne cargo markets rebounded after a three-day dip on September 18, with Mysteel’s PORTDEX 62% Fe Australian Fines index up by Yuan 5/wmt ($0.7/wmt) on day to reach Yuan 932/wmt FOT Qingdao and including the 13% VAT. Similarly, the SEADEX 62% Fe Australian Fines price also climbed by $3.1/dmt on day to reach $124.65/dmt CFR Qingdao.
On Friday, many iron ore traders held onto their previous offering prices for port inventories at hand, despite the uptick in iron ore futures prices in the morning. Later, some in East China adjusted their prices in the afternoon, after futures prices rose further, explaining that their stocks were relatively