DAILY: China’s portside iron ore price down, seaborne up
Oct 15, 2019 19:24
Chinese prices of imported iron ore for port inventories and seaborne cargoes diverged on October 15, with Mysteel’s portside iron ore index dipping to Yuan 736/wmt ($104.2/wmt) FOT Qingdao including 13% VAT, down Yuan 5/wmt on day and its lowest since September 3. However, on Tuesday, the seaborne iron ore index reversed up by $0.60/dmt on day to reach $91.70/dmt CFR Qingdao.
Many ore traders in North and East China continued voluntarily lowering offering prices for their port inventories at hand Tuesday actively chasing more deals, especially at ports in North China’s Tangshan. They were responding to the prevailing market sentiment made bearish by fears of lower steel demand this quarter, and