Offers for spot Iron ore fell
further on Friday on very low demand from Chinese buyers and spot supplies from
Brazilian and Australian miners.
Spot offers for Fe 63.5/63 fell
by another few dollars to reach as low as $130/MT (CNF).
It was reported that Australian
cargo Fe 63% was sold at $130/MT on Thursday.
Whereas, Fe 63.5/63 of Indian cargo was quoted at $130/MT. Market still
looks deserted and buyers anticipate a further drop in the prices.
“Bids are too low. I think
the mills are not in a hurry to buy so they bids are very low. we are hoping
they can catch a bargain,” said an iron ore trader in Shanghai, adding he
saw a bid for the Indian Fe 63.5/63 at as low as $126/MT.
Indian exporters are bleeding at
this moment as higher freight charges, higher export duty and extremely weak
market has taken away the charm from the market.
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