Jul 5,
Market has been weak for quite some time in China due to various reasons such as elimination of export tax rebate from Steel products, tightening monetary policy and liquidity crunch.
Iron ore has started piling up at ports in China.
Demand has been weak for past 10 days; there is no demand for 63 grade Iron ore even at 127 USD/ MT (CIF China), said one of the exporters in India.
Also, mine owners in India have cut their ore prices by up to Rs 300/MT this week.
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