China’s imported iron ore price nearly hits 10-month low

Imported iron ore prices for seaborne and port cargoes in China have dipped to several month lows in the recent, mainly due to the fact that domestic steel mills had maintained low stocks for their operations when iron ore supplies at ports belonging to traders were relatively high, market sources said on Tuesday.

As of November 11, Mysteel’s price index for 62% Australian seaborne iron ore fines had declined to $78.3/dmt CFR Qingdao, or a new low since January 25, prior to Vale’s tailings dam collapse. At the same time, the price index for the same grade in the spot market had