Indian exporters cut offers for Iron ore fines Fe 63.5/63 to $140/MT CNF China amid low buying interest from Chinese steel mills.
It was also reported that big miners like Vale (Brazilian) and Rio (Australian) are selling their cargoes at a lower price. Vale sold a cargo of Fe 63.3 at $137 CNF. Whereas, Australian PB fines (Fe 62) was quoted at $134-135 CNF.
China steel futures fell for a fifth time in six sessions to
hit two-week troughs on Thursday, mirroring lethargic demand for steel in China.
The most-traded May rebar contract on the Shanghai Futures Exchange
dropped 0.6 percent to reach 4,130 yuan a tonne by the midday break, after
falling as low as 4,100 yuan, a level not seen since Nov. 30.
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