Spot Iron ore market in China remained
dull with rates dropping to three-week lows. Most of the steelmakers preferred largely
to stay out of the market right now and wait for prices to fall further.
Offers for Fe 63.5/63 of Indian
fines stayed at $142-144/MT (CNF). Whereas, Australian Pilbara fines went down
a dollar to reach $131-$133/MT and Newman fines went down by $2 to reach
$135-$137/MT.
“Some traders are worried
that iron ore prices are very likely to fall further, So they have started
selling more at lower prices. But this isn't large-scale activity as the buying
remains weak, said an iron ore trader in China's eastern Shandong province.
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