There is no pause for falling steel and iron ore prices in Chinese market.Prices shed another $1-2 on weak buying sentiments.Both Australian and Brazilian miners sold their cargoes lower by $1-2.
Rio reported to have sold PB fines at around $113/t levels (lowered by $2) and Brazilian miner Vale also fetched bids lowered by $2 from previous trades.
Though Vale spokesperson report that spot iron ore prices should rebound back in September as inventory levels have gone down on Chinese port and slight improvement in demand will keep spot prices higher.
Indian exporters still out of market as they hold small quantities on ports.Iron fines prices have corrected by Rs 150-400/t ($2-7) in domestic market on weak demand and high inventories with miners.
Looking at market scenario Indian 63.5/63 Fe should be around $116-118/t CFR (no offers heard from Indian exporters).
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