Fall in spot iron ore prices in Chinese market stall on Monday afternoon, with some buying interest seen back, which was primarily supported by rise in steel billet prices, which rose almost 50 RMB and improved PMI data.Although it is difficult to comment, if prices have stabilized or there is further scope of correction.
Currently Australian 62/61% Fines hovering around $110-112/t CFR China and Indian 63.5/63 at around $113-115/t CFR China. In Indian market falling Rupee against US Dollar has not impacted any improvement in exports of iron ore.
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