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WEEKLY: Low bids weaken China's domestic iron ore prices

ABSTRACT

China's domestic iron ore market weakened further during July 18-22, with offering prices falling in most major mining regions under Mysteel's tracking. Market sources said that Chinese steelmakers had successfully levered prices down again as part of their efforts to reduce raw materials procurement costs.
As of July 22, the offering price of 66% Fe grade domestic iron ore concentrates in Tangshan, in North China's Hebei, had dropped for a sixth straight week to reach Yuan 841/dmt ($124.6/dmt) EXW and including the 13% VAT, lower by Yuan 59/dmt on week and touching the lowest level

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