Daily iron ore price update (stuck)

Texture from MySteel:

Many Chinese steelmakers, together with some iron ore traders, are actively drawing down their iron ore stocks at hand when mills in many areas are facing frequent curbs on their steelmaking operations, affecting iron ore consumption, Mysteel Global learned Tuesday.

“We are cutting our procurement of seaborne iron ore cargoes from the market because our ore stocks at ports are at a high level,” an official with a Shandong-based steel mill in East China remarked. “Our iron ore consumption decreased a lot when our steelmaking operations – especially sintering.

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