Chinese spot iron ore prices continue to move down on bearish sentiments and tight credit from central bank to small and medium steel mills. Prices have moved down by $2-3/t, Australian PB fines falls to $114-115/t CFR China, which was at $118/t on Friday. Indian exporter heard to have closed a deal recently for Fe 63% at around $119-120/t CFR China.
In Indian domestic market some interest is seen from merchant exporters and miners after prices have been cut in local market and depreciating Rupee. Quite a few exporters are stocking at Paradip port (Indian east coast).
Mill scale bids hovering at Rs 5,000-5,100/t delivered Vizag port.
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