Spot iron ore prices slashed further by $1-2

There is no respite for correcting spot prices in China, falling steel prices has created a sense of pessimism in the market.

Spot prices shed another few dollars in later half of the day, when Brazilian 63.8 Fe cargo was heard concluded at around $130-131/t (Down by $2), Australian PB fines shed $3 and was offered at $126-127/t CFR.

Considering current market situation Indian 63.5/63 Fe cargo will be hovering around $ 131-132/t (Down by $2).

Billet and Re-bar prices in China corrected further by 40 Yuan in domestic market.