MONTHLY: China's iron ore prices to lose strength in late Dec

The fundamentals for China's market for iron ore are expected to weaken this month, as ore availability may increase to some extent while demand for the feedstock will gradually decline in line with reduced production among steelmakers, according to Mysteel's latest monthly report. In this scenario, imported iron ore prices in China are likely to retreat this month after some initial rises, the report forecasts.

Last month, Chinese prices for imported iron ore rose mildly throughout the month, with the Mysteel SEADEX 62% Australian Fines index inching up by $1.7/dmt on month to reach $103.52/dmt CFR Qingdao by November 29, for example. November usually marks the onset of a traditional low season for steel consumption