Spot iron ore prices dropped sharply on Wednesday on low demand and rise in crude steel production, reported by Chinese Iron and Steel Association (CISA).
Prices corrected as much as $4-6 per ton on sea borne cargoes.
Australian PB fines offered at around $140/t CFR China, down by almost $5/t.
Chinese traders report that recent hike in Chinese steel prices have not been accepted by market.
Higher steel inventory levels are resulting in fall of steel prices and spot iron ore prices.
An Indian exporter highlights that a recent deal of Fe 55/54 iron ore fines was concluded at $110/t CFR.
But there are no buyers in the market now and offers are as low as $105-107/t CFR.
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