Spot iron ore prices in Chinese market marked a marginal fall on low trade volumes and to some extent Bao steel's cut in steel prices which kept sentiments low. Australian fines of Fe 62% was concluded at $131/t on GlobalOre which is down by $1 per tonne from previous trades.
In Indian market merchant exporters have drastically cut their purchases looking at falling spot iron ore prices. Miners too are not very keen on stocking cargoes on Indian ports. Total exports reported from Indian ports stood at around 6,30,000 tonnes (provisional) in the month of April 2013.
There is a huge gap between offer price and bid price for iron fines in Indian market. Suppliers are not very keen to cut their offers and merchant exporters are unwilling to take chances on such volatile market.
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