Spot iron ore prices in Chinese market fall further by $1-2/t on low buying interest and falling steel prices in China, which is at around 3 years low.
Australian PB fines (61.5 Fe, equivalent to Indian 62% Fe) offered at $111-112 down by $ 2 from previous offers, Brazilian cargo of 63% Fe was heard to be concluded at around $112/t.
Considering offers from Australian and Brazilian miners, we can just assume that Indian 63.5/63 Fe should be around $115-116/t, though it is difficult to say if trades can actually happen at these prices as there are no offers heard from Indian exporters.
Sources also report that Indian miners have reduced stocking cargoes on Indian ports looking at falling spot prices and at current prices miners are making a loss of Rs 100-300/t
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