Spot prices of iron ore in China remained at $157 for 63.5/63 Fe cargo.Number of bids from Chinese buyers have come down,claims market participant. A key iron ore price benchmark fell below $150 a tonne for the first time in two weeks as demand from top market China lost steam although offers stayed firm on Tuesday Inquiries from Chinese steel mills have slowed, with some taking a breather after the swift surge in prices to near five-month highs earlier this month when the mills returned to the market after a week-long holiday.
"It is not easy to sell shipments as some mills still have orders to curb production because of the energy-saving mandate," said an iron ore trader in Tianjin in northern China.
Steel prices have seen correction last week, steel futures corrected by more than 1.5%, buyers remain cautious over weak demand and correcting prices.
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