Iron ore prices in Chinese spot market dropped further by another $5-6 /t on fear of slow down in Chinese realty sector.
Australian PB fines of Fe% 61.5 is being offered at $137/t, though bids were much lower than that.
“There is crazy fall in spot iron ore prices despite limited stock on Chinese ports.
Most of the people fear that high inventory level and slowing demand in real estate sector will pull steel prices down further“, said a trader based in China.
Indian exporters prefer to wait and watch as sharp fall in Chinese market have made exports nonviable.
“We prefer to hold offers, although there is absolutely no buying from Chinese buyers.
Such sharp fall generally result in disputes in quality.
At current levels, our losses are very highâ€Â, said a large merchant exporter based in India.
It is not fair to comment on Indian offers as you may not find much sellers in this market as well, he further added.
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