Falling steel prices in China have weighed upon spot iron ore prices as well, which noticed a correction of $2-3/t.Chinese buyers are buying in low quantities and are preferring to buy from stock available at ports rather than placing fresh orders, reported local sources in China.
Brazilian 64% Fe fines was heard to be concluded at $135/t CFR, much lower than the previous trade, where as Australian fines of 62.5% Fe was heard to be sold at $133.
A large Indian miner heard to have offered 63.5/63 Fe at $139-140/t CFR but was unable to get any buyer for it.
“Over all sentiments are weak and we can expect some more correction in coming weeks.63.5/63 Fe is around $134-135/t CFR.” said a large Indian exporter based in Mumbai.
Leave a Reply