DAILY: China’s portside iron ore price hits 12-week low
Oct 23, 2020 19:14
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Mysteel’s PORTDEX 62% Fe Australian Iron Ore Fines price declined by Yuan 12/wmt ($1.8/wmt) on day to Yuan 868/wmt FOT Qingdao and including the 13% VAT on October 23, reaching a 12-week low. Also on Friday, the SEADEX 62% Fe Australian Iron Ore Fines index plunged by $4.7/dmt on day to $115.65/dmt CFR Qingdao, the lowest level in four weeks.
Traders were active in offering iron ore port stocks on Friday, with some clipping their prices by as much as Yuan 5/wmt in the morning session. In contrast, inquiries from steel mills cooled further, as most had decided to observe the market after replenishing their inventoriesover previous working days.