Spot iron ore prices in Chinese market correct by $2 per ton, after Chinese government's intentions to control rising property prices, by imposing property tax and loan rates for people buying their second home.
In line with this, re-bar prices and stock market in China also fell significantly.
Local traders highlight that implementation of these policies will slowdown the demand for both re-bar and iron ore.
Current prices for Indian 63.5/63 have reached almost $147-149/MT CFR, down by $2-3 in comparison to last week.
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