Slower steel demand in China has weighed on demand for raw material iron ore,with spot iron ore prices falling over $5-6/MT in last one week. Prices are also expected to fall further on weak steel demand.
But market participants report SteelMint that Indian exporters are reluctant to sell at low levels on extremely thin margins.
“63.5/63 Fe is hovering around $143-144/MT CFR, but there are hardly any cargoes available in the market and who ever is holding it, is not willing to sell it”, said a large Indian exporter based in Mumbai.
There are handful of vessels being loaded from different Indian ports on low availability and weak prices, he further added.
Newman and Mac fines as well as other Australian material all traded few dollars lower than previous deal reported Chinese traders.
China on Saturday said that it would cut the amount of cash banks need to keep with the central bank, joining global counterparts in stimulating economic growth reported Reuters.
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