Monday, September 13,
Iron ore prices fell sharply for last couple of days to $144 from $147 last week.
“Prices might fall further, said one of the exporters based in Singapore”. This will be majorly due to expected reduction in contract prices from major iron ore suppliers like BHP Billiton, Rio Tinto and Vale.
Present FOB prices of players like Vale is hovering $150, which will be $135 w.e.f. from 1st October.
“Buying interest is weak and volumes have been low for spot Indian iron ore, said one of the trader based in China”. Chinese mills are cautious buying at these levels since they are anticipating price fall in contract prices from Brazilan and Australian mines.
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