Poor demand sinks China iron ore prices
Nov 13, 2021
China's iron ore prices in both the physical and futures markets plunged further over November 1-5, as demand from domestic steelmakers was rather sluggish amid continuing production curbs and the mills' shrinking steel margins, according to market sources on Monday.
As of November 5, Mysteel PORTDEX 62% Australian Fines in Qingdao had plummeted by another Yuan 98/wmt ($15.3/t) on week to Yuan 694/wmt FOT and including the VAT, the lowest since mid-May 2020. By the same day, Mysteel SEADEX 62% Australian Fines had also refreshed the low since September 21 to settle at $93.85 CFR Qingdao, or down another $13.7/dmt on week.
Source : Kallanish