With Chinese central bank cuts interest rates by 25 basis points on Thursday evening, will fail to cheer up market sentiments reported steel analysts.
The real issue for the Chinese steel sector is not liquidity, but over-capacity, said experts.
Spot iron ore prices stay at $136/t for 63.5/63, with buying interest sluggish. Steel mills are not willing to place fresh orders looking at falling steel prices in Europe and China.
Indian exporter managed to sell 54% Fe lumps at $99/t CFR from Indian west coast, reported sources.
With over production in China and weak sentiments in Europe, it is unlikely that rate cuts will bring any charm to market.
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