Spot iron ore prices in Chinese market continue to extend losses on weak demand. Offers have come down by 10-20 RMB over the reason that mills are accumulated with finish stock inventories and buyers are not comfortable procuring at these levels.
A local trader based in China said that steel mills have enough stock of finished goods. Weak demand in domestic and export market are resisting millers to buy iron ore at higher prices.
Australian PB fines of Fe 61.5 is in range of $137-138/T CFR and Indian 63.5/63 Fe fines in range of $138/T CFR China.
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