Spot iron ore prices in Chinese market drop down further by $1-2/t on Wednesday morning.Though there is some halt seen in falling steel prices in China, where billet prices remain unchanged and steel re-bar futures gained some points.
“Iron ore traders have further cut offers by 10 Yuan in domestic market.Traders who are holding stock at ports are not willing to sell at very low levels.There are not many offers from India.” said an iron ore trader based in Rizhao port (China).
Indian supplies still remain critical with few exporters holding high grade cargoes on Indian ports.Looking at domestic market in China, 63.5/63 Fe should not be more than $126-128/t CFR (though there are no offers from Indian exporters at these prices).
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