With steel prices in China trading at almost 3-yrs low, steel mills are in no mood to procure excess than what is required.Australian iron ore fines were offered much lower than previous trade. Prices fell about $2-3/t for Australian PB fines and New man fines.
Australian PB fines (61.5% Fe) being offered at $130/t and Indian 63.5/63 Fe hovering at $133-135/t CFR.
Local traders report that there is further scope of correction in spot prices and can touch $130/t for 63% Fe in few days.
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