Spot Iron Ore lost another dollar on weak demand from Chinese Steel mills. Steel prices in China have been falling regularly, which has kept buying interest low.
63.5/63 Fe Indian cargo sought at $139/t, CFR. Indian traders also lowered their offers by Rs 200-300/t. 54% Fe rejection was asked for Rs 2350/t (F.O.R Vizag). Whereas 58% Fe rejection was offered at Rs 3,000-3,100/t.
Buying sentiments have been bearish over all, traders expect some more correction from these levels.
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