The benchmark iron ore price had spent much of the year around $US135 per tonne, but began slipping seven weeks ago on the back of slowing construction activity in China, and an oversupply of steel in that country.
Iron ore prices in spot market shed almost 25% in last 2 months and there is no stopping in fall seen.
Indian 63.5/63 Fe fines were hovering at $136/t CFR on 24th June 2012 where as same grade has come down to around $107-109/t CFR on 23rd August.
Where as Australian PB fines of 61.5 Fe was offered at $ 130-135/t in the month of June which has slipped to around $101-103 on 23rd August.
Some experts feel that prices might find some support in the month of September when construction activity is generally at peak in China.
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