Spot iron ore prices in Chinese market weakened further on falling steel prices. Billet prices fell further by 50-60 Yuan and re-bar futures corrected over 0.5%.
“Offers from Australian and Brazilian miners were reduced by $1-2, where as bids from Chinese buyers were at much lower levels.” said an iron ore trader based in China.
Indian domestic iron ore fines market got active this week looking at rise in spot prices, though sentiments were short lived.
“Number of queries have increased from merchant exporters though we do not see these queries converting into actual trades. High freight charges and export duty still weigh up on export parity.” said a local iron ore trader in India.
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