Spot iron ore prices looked to have bottomed out in Chinese market after hitting two and half years low.Market participants report SteelMint that there are some buying interest seen at lower levels but that does not account of early recovery.
“Certainly there are transactions are lower levels specially Australian and Brazilian cargoes.It seems prices should find anchor at these levels though hopes of prices getting momentum looks difficult.” said a Chinese importer.
Indian exporters have hold there purchases as selling price is quite low as compared to cost price.Though Chinese steel mills ask 63.5/63 Indian cargo at $117-119/t CFR, no offers or deals have been heard from Indian counterpart.
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