There is no stopping for falling steel prices in China and iron ore prices in spot market.Spot prices shed further $2-3 on Monday morning when Chinese re-bar steel futures trade lower by 40-50 points in morning trade.
“Indian cargo in spot market was offered lower by 10 Yuan , where as other cargoes cut offers by 20 Yuan. There is no sign of stability at the moment.” said a local iron ore trader based in Beijing.
Indian cargo of 63.5/63 Fe move down to 129-131/t CFR, looking at market conditions.Though exporters say that demand is certainly weak but there are no confirmed offers from Indian sellers at these prices as of now.
“There are not many cargoes available on Indian ports.Indian sellers will prefer to wait rather than selling at these prices as their cost is higher that current prices.” said a miner and exporter based in eastern part of India.
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