This is from yesterday. As IO prices dip, sales volume increases. The Chinese mills are not silly- they buy up when raw material costs dip. Why? Peak steel demand period is almost on them. As well, their old rebar stock will soon be obsolete, so they will soon need to produce tonnes of the new standard stock. They are currently dumping huge volumes of discounted old-standard rebar stock on the market before the 25th Sept deadline, depressing rebar prices and sqeazing mills' profit margins- but this will end soon.Chinese imported iron ore prices for both port stocks and seaborne cargoes inched down on August 12, while trading in the two markets increased in tandem.On Monday, Mysteel PORTDEX 62% Australian Fines in Qingdao was lower at Yuan 765/wmt ($106.6/wmt) FOT and including the 13% VAT, falling by Yuan 6/wmt from last Friday, while Mysteel SEADEX 62% Australian Fines lost $1.75/dmt to reach $99.2/dmt CFR Qingdao. After a short-lived rebound on Friday, China's iron ore derivative market has declined againDAILY: China's imported iron ore prices fall, sales rise
Source: Mysteel Aug 12, 2024 21:10
Iron ore price, page-53715
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