Spot iron ore prices in Chinese market correct over $1-2 per tonne on weak buying sentiments and increased inventories at Chinese ports. Market sources highlight that with Chinese government policy on increasing rate of interest for buying second home and a capital gain tax of 20% have weakened the buying sentiments.
Australian PB fines of Fe 61.5 is offered in the range of $136-137/t CFR (down by $1-2) and Indian 63.5/63 iron ore fines at around $134-135/t CFR. Indian exporters maintain Mill Scale offers at $136/t CFR in bulk shipment.
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