Spot iron ore prices in China dropped further by a $ 1 and 63.5/63 Fe was quoted at $ 140-141/Mt by a large Indian exporter.
” Volumes have been thin for past few weeks. Prices expected to remain low as majors miners like Vale (Brazil) and Rio (Aus) are selling their cargoes at much cheaper price than Indian exporters.
We are left with no choice but to quote lower to match their bids” said a large Indian exporter based at Mumabi. (Not to be named)
Top iron ore miner Vale sold 63-grade iron ore fines at $137 a tonne, while second-ranked Rio Tinto sold 61.5-grade Pilbara at $136 a tonne, traders said,even lower than initial market expectations of between $137-$138.
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