Spot iron ore prices in Chinese market slipped marginally on weak demand and lower steel prices. Sources tell that, due to winter season in Northern China, construction activities will remain low for next few months and so will the demand for iron ore and steel.
“Steel re-bar prices also slipped in Chinese domestic market, buyers are not very keen on piling up stock. Iron ore demand likely to remain subdued for next few months. Indian exporters are offering 63/62 Fe at around $122/t CFR although buying interest lies at $119/t CFR. There are few more offers from India for low grade iron ore of 59/58 Fe at around $109/t CFR.” said an iron ore trader based in Rizhao.
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