Despite fluctuations, Chinese iron ore prices eased overall last week as ore became more readily available. Demand is relatively stable though signs of softening are emerging. As of October 26, Mysteel’s SEADEX 62% Fe Australian Fines had eased by $3.85/dmt on week to $115.1/dmt CFR Qingdao, its lowest since September 23.
For the time being, many Chinese steel mills are content to maintain current production levels and show no inclination to lift output further. Meanwhile, some mills in North China have started to limit their operations as part of air pollution control measures for winter. More carrier arrivals and the relieved congestion at many Chinese ports have seen iron ore availability steadily recover.
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
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