Spot iron ore prices in China fall
further, reflecting slack demand from Chinese buyers.
Offers for Fe 63.5/63 of Indian
fines slipped further to reach $ 142-144/MT. Similarly Offers Australian Newman
fines went off by $2 to reach $137-$179/MT.
Most of the steel mills in China
had replenished inventories in the first three weeks of November shortly after
spot prices fell to 22-month lows of $117/MT. So, sluggish steel demand & sufficient
stocks has kept mills from making fresh purchases.
Global miners Rio Tinto and BHP
Billiton also sold their material at lower prices via tenders on Monday,
traders said, fuelling expectations that spot prices would fall further.
BHP Billiton sold Newman iron ore
fines at $137.50/MT i.e. down from $144 a week ago & Rio Tinto sold Pilbara
fines at $132/MT, C&F i.e. lower than previous deals done at $136 and $137/MT,
traders added.
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