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.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.