There is no stopping for fall in spot iron ore prices which have shed more than 25% in last 2 months.Excess cargo supplied by Australian and Brazilian miners and falling steel prices have put pressure on spot prices.
“Prices shed another 20-30 Yuan, We have not heard any Indian exporter concluding a deal in recent time.Chinese importers are looking 62% Fe at $95/t CFR where as Indians have heard to be offering 63/62% at around $106-108/t CFR.Last deal concluded from an Indian counterpart was heard to be at $93/t CFR for 58% Fe last week.” said Mr Hudson, a Chinese importer based in Rizhao port China.
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