Seaborne iron ore prices edgeddown Friday as port stocks proved a cheaperalternative for mills with cashflow problems.Platts assessed the 62% Fe IODEX 15 centslower at $44.05/dry mt CFR North China.Credit-starved mills were buying fromports where they could lift smaller quantitiesfor cheaper prices, a source at a state-ownedChinese trading house said. "Mills are really tryingto improve their margins by lowering productioncosts so they are very cautious with seaborneprocurement and are also not willing to buy highgradematerial that is more expensive," he said.
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