Spot iron ore prices in China shed another $2 on Friday, with Chinese steel prices continued to move south.
“There are absolutely no buyers in the market, and who ever is interested is buying in small quantities from the stock lying at ports. Though Indian cargo of 63.5/63 should be in the range of $143/t ( no deals have been concluded.)” said a trader based in Shanghai.
Indian exporters are feeling the heat of falling prices.” Markets have gone to mute mode, there are no queries. Despite rupee hovering at 53.50 against dollar, we are not making profits. 50% Fe cargo is heard to be offered in the range of $90 per tonne CFR from an exporter based in west coast of India.” reported an Indian exporter.
Low grade Iron ore is in demand as most of Indian exporters are blending it with mill scale and exporting it., he further added.
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