With spot iron ore prices crashing in Chinese market to almost 6-months low, Indian iron ore exporters have almost stopped their purchases from domestic market. Industry participants mention that there has been almost no buying interest for exports of iron ore fines.
“There is almost zero buying interest at the moment and who ever is interested in asking as way low prices. Freight charges have also dropped down as there is hardly any movement in the market.” said a local trader based in Odisha.
Spot iron ore prices for Fe 63.5/63 are in range of $120-122/t CFR China, but it is not sure if you will find a buyer, said an Indian exporter based in Mumbai.
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