Spot iron ore prices in Chinese market continued to weaken on low demand and falling steel prices in domestic market. Local sources report that billet falls by almost RMB 50-60/t and being offered at around RMB 2880/t.
On the other hand widening gap between offers and bids, most of the miners prefer to stay out of the market. However a cargo of Australian origin of Fe 62% was heard concluded at around $111/t on GlobalOre.
“There is nothing encouraging in the market. Most of the small mills are on maintenance, this will further put pressure on sea borne iron ore. Steel mills are anticipating prices to fall further.” said a trader based in China.
In Indian market no deals were heard done. Exporters stayed on back foot over such low prices in China. Despite cut in truck freight charges exporters are not willing to lift their material.
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