Spot iron ore prices drop further by $1-2 on weak buying interest and fluctuating steel prices in China.Indian 63.5/63 Fe dropped back to $100/t CFR, though no deals have heard being concluded.
” There is no direction in the market, volatile steel prices and weak demand keeps iron ore buyers cautious. Spot prices dropped by 10-20 Chinese Yuan. We have to wait for some time before market takes a direction. Some big mills in China have cut their mid September prices.” said an iron ore trader based in Qingdao.
Last deal concluded from an Indian exporter was at around $104/t levels for 63.5/63 few days back and offers were raised further to $107-109/t but failed to get any buying interest at that levels, said sources in Indian market.
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