Iron ore prices in Chinese spot market rose almost $30-35 per tonne in last one month on rising steel prices and hopes of recovery in Chinese economy. In last update, SteelMint had mentioned on slowing down buyer's interest on such sharp rise.
According to Chinese traders, steel mills are hesitant to take fresh positions, trade activities have slowed down in last few days. Indian exporters have heard to reduced offers but unable to discover any buying interests.An Indian exporter heard to offered 63.5/63 at $152-153/t CFR but failed to get any bid.
Australian mining giant Rio had recently cancelled its tender due to low bids by Chinese buyers. This certainly indicates some sign of correction in coming days.
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