Spot iron ore prices in China shed another $2-3 per tonne on weak sentiments.Chinese buyers are asking for much lower prices looking at falling steel prices in China.
“There are offers from Indian exporters at $112 CFR for 63/62 % Fe but there are no bids as Chinese steel mills look to buy at $108-109/t levels. Markets have over corrected as we see it should rebound sometime in month of September.” said a Chinese trader based in Shanghai.
Australian PB fines (61.5 Fe) was concluded at around $108 levels hitting two and half years low.
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