Global iron ore prices dipped late last week and pricing this week will be confused by the Golden Week holiday and the celebrations associated with the 70th anniversary of the formation of the modern Chinese state.
The 70th-anniversary celebrations start tomorrow and run to October 3, while Golden Week starts on October run and runs through to October 7.
Golden Week is not celebrated in Singapore where most of the world’s iron ore trading is done, so some pricing data may be available.
So many Chinese steel mills have been ordered to shut or limit operations starting this week under strict anti-pollution rules ahead of the 70th anniversary of the People’s Republic tomorrow and then the rest of Golden Week.
With Chinese buyers and traders sidelined the pricing will not be indicative.
Friday saw physical iron ore fines prices rangebound on Friday. The index for 62% Fe fines delivered to northern China eased 6 US cents to $US90.85 a tonne on Friday.
That was down nearly 3% from the $US92.56 a tonne close the week before and down nearly 10% from the $US99.30 close the Friday before that (September 13).
