Iron ore prices for Fe 62% fines have been falling sharply since last two days. Benchmark index was assessed at USD 72/MT CFR, China in the beginning of this week. It closed yesterday at USD 68/MT CFR, China.
Buyers kept interest away in anticipation of further decline in prices.
Iron ore and steel futures also witnessed decline impacting seaborne iron ore prices as well.
Domestic rebar prices in eastern China declined from RMB 4,900-4,950/MT (ex-works) in the beginning of the week to RMB 4,730-4,800/MT (ex-works) yesterday. On similar lines, domestic HRC prices in eastern China declined to RMB 4,220-4,250/MT (ex-works) yesterday from RMB 4,290-4,320/MT (ex-works).
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