Spot iron ore prices in Chinese market continue to drop on low demand and good supply from Australian and Brazilian miners. Prices have gone down by another $2/t as PB fines of Fe 61% was concluded at $121/t CFR China (last cargo was traded at $123/t CFR).
Steel prices and demand continue to soften in domestic market and buyers prefer to wait and watch. Indian exporters prefer to stay away from market as offer prices are much higher that bid prices from Chinese buyers.
Indian exporters almost stop purchases of iron fines and mill scale from domestic market.
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