Iron ore prices in Chinese spot market fell sharply and mainstream cargoes from Rio was sold lower by $5-6 per tonne. Rio sold a parcel of 61% Fe at around $145.80/t CFR (loading in the month of January-Feb).
Indian exporter too cut their offers but buyers are asking for further discounts. Indian 63.5/63 Fe reaches $145-147/t CFR China.
“It has been a busy day, quite a lot cargoes were sold in Physical and Paper market, all lower by $5-6/t. In spot market, prices for Australian cargo fell by 50 Yuan and Indian cargo by 40-50 Yuan. Chances are high that prices will correct further next week as well.” said an iron ore trader based in Shanghai.
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