Friday, June 10,
Spot iron ore prices slipped down on Friday after China’s leading steel maker Bao Steel announced to cut steel prices for July.
Indian exporters have reduced their quote for Fe 63.5/63 to $ 179/MT i.e. down by $ 2-3/MT from the prices quoted yesterday.
Traders expect imports to fall in the coming month due to the seasonal weakness in China’s steel market along with the risk on steel output from the state’s power rationing seen lasting through September.
However, prices in the forward swaps market rose on Thursday with June contract edging up 67 cents to reach $173.50 a tonne and July contract added 66 cents to reach $173.08.
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