There is no stopping for falling steel prices and spot iron prices in China. Spot offers further down by $2-3 per tonne, where as spot re-bar prices also corrected further.63.5/63 reached at $125/t CFR.
Big Australian and Brazilian miners sold cargoes at lesser prices. It was reported at Australian PB fines of 61 % Fe sold at $118/t, where as another cargo of 58% Fe concluded at $ 106/t CFR.
“Indian exporters also cut offers anticipating further falls, a big miner was heard offering 63.5/63 at $127-128/t CFR.Looking at market conditions we will not be surprised if market falls by another $5-10” said industry sources.
Leave a Reply