There is no respite for correcting spot prices in China, falling steel prices has created a sense of pessimism in the market.
Spot prices shed another few dollars in later half of the day, when Brazilian 63.7 Fe cargo was heard concluded at around $130-131/t (Down by $2), Australian PB fines shed $3 and was offered at $126-127/t CFR.Australian Newman fines also trade lower by few dollars.
Considering current market situation of Indian 63.5/63 Fe cargo will be hovering around $ 131-132/t (Down by $2), said market sources.
Billet and Re-bar prices in China corrected further by 40 Yuan in domestic market.
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