There is no stopping in fall in iron ore prices in Chinese spot market. Prices continue to loose ground on negative sentiments and falling steel prices in Chinese domestic market.
Sentiments turned more bearish when an Australian cargo of Fe 61% (PB Fines) was concluded at $112/t CFR, way lower than last cargo which was sold at $117/t CFR on CBMX.
“Steel billet prices fell by 30 RMB to around RMB 2930/t. There is absolutely no buying interest in the market. Most of the smaller steel mills have also taken a shut down looking at such sharp fall in prices. We expect prices may fall further.” said an iron ore trader based at Rizhao port.
On the other hand Indian suppliers also seem to be concerned on such fall in prices. Some of them who are exporting mentioned that they had purchased fines from domestic market at a much higher prices, since prices have come down in Chinese market, they are at huge losses.
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