Spot iron ore prices in China
slip further by $2/MT on weak demand and lower production.
Indian origin iron ore fines of
grade 63.5/63 falls to $145/MT whereas, fines of grade Fe 58% slips to $117/MT,
(CNF China).
Australian Pilbara fines Fe (61.5%)
were quoted at $136-$138/MT, cost and freight, while Newman fines Fe (62-63%)
were quoted at $140-$142/MT.
“People aren't buying iron
ore. Everybody's waiting and looking for the bottom again,” said a
physical iron ore trader in Singapore.
“Demand is weak and expected
to remain same in near term. Supply has been really critical from India on
higher freight, export duty and measure to curb illegal mining.” said an
Indian exporter based in Kolkata.
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