Spot iron ore prices noticed a fall of $3 /MT in the morning trade. An Indian exporter offered a cargo of Fe 63.5/63 cargo at $142-143/MT (C&F).
"Markets are deserted as Chinese buyers prefer to wait and watch. Prices might fall further in short term." said an Indian exporter based in New Delhi.
The lower steel prices were a reflection of sluggish Chinese demand, which has dragged down iron ore prices.
Top iron ore miner Vale has offered 228,000 tonnes of 63.3-grade iron ore and traders say the price may settle at around $137 a tonne, C&F.
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