Indian exporters are bleeding after Chinese spot iron ore market have corrected over $20/mt in 10 days time. Over that Indian railways have hiked up freight charges by 6% which will dent exporters margin by $2-3.
“Prices have corrected heavily in Chinese market and expected to correct further. Currently fines of 63 % fe in Orissa hovering around Rs 2200-2400/mt, which has no parity looking at international market.
Prices should correct by at least Rs 1000/mt in order to see from fresh buying.” said an Indian exporter based in Mumbai
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