Spot iron ore prices in China shed $2-3 per tonne after Bao Steel, China's largest steel maker cuts its steel prices by $15-20/t for September deliveries.
“Spot iron ore market which were looking to have stabilized last week fell by $2-3/t on recent price cut by China's biggest steel mills. Buyers are very cautious at the moment and purchases are very very limited on uncertainties.” said a local iron ore trader based in China's Rizhao port.
Indian 63.5/63 Fe fines also dropped to $118-119/t CFR though no offers were heard at these prices from Indian exporters.
In Indian market, exporters have almost stopped fresh purchases looking at falling spot market in China.
JSW steel and Essar steel remains major buyer for high grade iron fines from Barbil (Odisha) sector.
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