Spot iron ore prices in China continue to fall, 63.5/63 reaches at $138/t. Buying interest remains really poor and lots of Chinese steel mills defer iron ore shipments, reported market participants.
” This quarter seems to be worst for steel industry, over production in China and economy crisis in euro zone has kept sentiments bearish.No body wants to take positions as steel prices continue to fall in China.
Also there are plenty of Brazilian iron ore being shipped to China, looking at current scenario, we expect iron ore prices to fall further from these levels.” said an importer based in Shanghai.
The physical market saw further declines with Australian tenders for MAC and Newman fines concluding many dollars lower than last.
“There are absolutely no queries from Chinese buyers. Prices have corrected almost $10-12 in a month's time. Exports from India will only persist, if export duty is reduced or railway freights are cut.” said an Indian exporter based in Mumbai.
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