Chinese steel prices touching almost 3 years low, steel mills have almost stopped placing fresh orders for sea borne iron ore.
“There is sense pessimism in the market looking at falling steel prices, some experts are comparing it with 2008 crisis.Looking at recent trades of Brazilian and Australian cargo, there is further scope of correction in spot prices” said an iron ore trader based in Shanghai.
On the other hand Indian exporters have also cut offers for their cargo, 63.5/63 Fe is around $133-134/t CFR and expected to lose few more dollars from this levels.
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