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China Steel Mills Hang Back Buying Iron Ore

Chinese steel mills were cautious about buying iron ore in quantity over July 20-24 as ore prices were generally hovering at high levels. During the week to July 24, Mysteel’s PORTDEX 62% Fe Australian Fines had grown by another Yuan 5/wmt on week to Yuan 859/wmt FOT Qingdao including 13% VAT. Last week too, though Mysteel’s SEADEX 62% Fe Australian Fines slipped to $109.15/dmt CFR Qingdao after strengthening for much of the month so far, the on-week decline was only by a tiny $0.85/dmt.
Source: MySteel

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