Spot iron ore prices in Chinese market corrected marginally as buyers stay cautious on further market direction.
Although China's manufacturing activity picked up in October, according to government and private sector factory surveys, with the official Purchasing Managers' Index back to expansionary territory at above 50.
Sources tell that Chinese buyers are not in a hurry to take positions for sea borne cargoes, instead they are more keen to buy stocks available at port.
There are few cargoes lined up for tender from Brazilian miner Vale, which will set further direction to the market.
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