Spot iron ore fines markets witnessed a correction of $2/t on falling steel prices in China.Market participants expect prices might correct further on over production and weak sentiments.
“Sentiments are weak as steel mills in China are sitting on unsold stock of finished steel due to economy crisis in Europe.If situation stays like this for next few days, spot iron ore prices might correct further by $3-4 per tonne.” said a Shanghai based iron ore trader.
“Buying sentiments have been weak from Chinese buyers.63.5/63 Fe moves down to $146/t CFR also low grades Indian iron ore have fallen a bit.Looking at supply constrain from India and other big Australian and Brazilian miners , $140 per tonne looks to be a resistance level.” said a large Indian exporter
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