Mysteel's PORTDEX 62% Australian Iron Ore Fines price dropped Yuan 5/wmt ($0.7/wmt) on day to Yuan 947/wmt FOT Qingdao and including the 13% VAT on August 26. On Wednesday too, the SEADEX 62% Australian Iron Ore Fines index rose by $2.55/dmt on day to $123.9/dmt CFR Qingdao.
Traders at major portside iron ore markets clipped their offer prices by about Yuan 10/wmt in the morning session. A few traders anticipated that ore prices would soften in the near future and so agreed to sell ore at comparatively low prices.
Source:Mysteel
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