Spot iron ore prices moved down further in Chinese market amid falling steel prices and missing demand.Chinese iron ore traders expect market to remain subdued in coming weeks, although sharp decline is not anticipated till now.
Indian exporters heard to have cut offers by another $1-2. Australian and Brazilian cargoes also traded few dollars below the last deal. An Indian exporter heard to be offering Mill Scale at around $140-142/t CFR from Indian east coast.
Industry experts from India see exports of iron ore from India dipping down sharply on restrictions, high export duty and freight charges. Market will not be surprised if exports in 2012-2013 fall below 15 million tonnes.
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