Iron Ore buying sentiments continued to remain weak in China on falling steel prices.63.5/63 Fe Indian cargo heard to be offered at $144/t CFR. Chinese steel mills are not in a hurry to stock iron ore, said sources.
“Chinese steel futures trading at 4-months low, also some Chinese mills have cut their re-bar prices by up to $11-13/t for May delivery and plates prices by $8-10/t. Overall sentiments are weak.” said a steel trader based in Beijing, China.
Chinese banks have cut Bank Reserve Ratio by 50 basis points in order to improve liquidity, but that seems to be less to get some energy in the market, he further added.
“Indian exporters have lowered their offers by $1-2/t on low grades, but higher truck rentals are lowering their margins.” said an Iron ore supplier based in Vizag, India.
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