Falling iron ore prices in Chinese spot market, Indian traders have also cut their offers for mill scale to Rs 4,000/t (basic prices) delivered Vizag port.
Mill scale is iron dust generated at the time re-rolling, which is also used as a substitute of iron ore, though it is not available in large quantities.
Recently Indian iron ore exporters switched to mill scale as it does not any export duty (unlike iron ore fines,which has a duty of 30%).
There are limited buyers at this time as falling prices and strong Rupee not favoring exporters, said industry sources.
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