Spot iron ore fines prices in China further corrected by $3 per tonne.63.5/63 Indian iron ore fines asked for $140/t CFR, though no deal has been heard concluded.
Steel prices have been falling continuously in China due to over production and economy crisis in European markets.There is further scope of correction in spot iron ore prices said Industry traders.
“There is a problem of over production, also weak demand from European countries have made steel prices fall in China. There is a Brazilian cargo of 63% + Fe sold at $139/t CFR, where as Australian 62% Fe heard sold at $135/t in spot market.We expect prices to correct further by $3-4 this week.” said an Iron ore importer based in China.
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