Spot iron ore prices in China have shown some sign of correction over last few days on falling steel prices in China.
Market sentiments are down after Bao Steel (China's largest steel producer) kept its May prices unchanged.63.5/63 Fe Indian fines are hovering around $151-152/t CFR, where as Australian PB fines are heard to be trading at $148-149/t CFR.
“Ideally spot prices should not stay so high after Chinese economy is not doing so well. But low supply from BHP, Rio,Vale and Indian exporters have helped to keep prices on higher side.” said an Industry expert.
BHP said on Wednesday its iron ore output fell 8 percent, while data from Vale showed production down 15 percent. Rio Tinto reported a 10 percent fall on Tuesday, where has FIMI (Federation of Indian Mineral Industries) have reported that Indian iron ore exports have fallen down by 36% y-o-y.
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