Fall in spot iron ore prices showed some resistance as offers remain unchanged after a thirteen day fall.With production cuts by major mills in China and stabilizing steel prices have lent some support to iron ore prices.
Many traders and importers believe that prices have almost bottomed out and further fall has limited scope.Indian 63.5/63 Fe remains unchanged at $124-125/t,CFR.
Indian exporters have nothing to lose much as they are not holding large cargoes.A report indicates that iron ore exported from Paradip (Indian east coast) is around 4 lac tonnes in last 6 months which is much lower than previous year.
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