Spot iron ore prices in China more or less remained stable with Australian PB fines (61.5%) being sold at around $91-92/t CFR, where as Australian Yandi (57+ Fe) fines sold at around $79 per tonne CFR.
Chinese traders are not very hopeful of early recovery in steel and iron ore prices but for now stall in falling iron ore prices have given some relief.
“There are chances that spot iron ore prices might stabilize soon though early recovery is not seen as falling steel prices still a major concern for the industry.Steel mills further cut re-bar and flat prices by $5-10/t amid weak demand and over production.” reported a steel trader based in Shanghai.
Indian supreme court lifts ban on 18 mines in Karnataka which were closed for more than a year on violating environmental norms.Indian federation of minerals chief Mr R.K. Sharma said it is a good sign for the industry, though exports are not on cards as domestic mills are still starving for iron ore.
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