Chinese domestic steelmakers continued to precisely control their iron ore stocks in line with their short-term production needs last week, and showed very limited interest in ore procurement on 16-20 August, accelerating the softening in ore prices during this period.
On August 19 Mysteel SEADEX 62% Australian Fines fell to a nine-month low at $129.25/dmt CFR Qingdao before returning to $139.55/dmt by August 20.
However, the index still lost $21.2/dmt weekly.
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