Spot iron ore prices in China continue to remain weak on falling Chinese re-bar futures, which is trading at 7 weeks low.
“63.5/63 is around $149-150 per ton CNF, Chinese steel mills are preferring to buy from ready stock rather than placing fresh orders which is offered lower by $1-2/t” said a Chinese importer based in Qingdao.
Though experts believe that spot iron ore prices should not fall below $145 for 63.5/63 CNF, primarily due to short supply from Australia, Brazil and India.
Indian fines prices remain more or less unchanged with few traders cutting their offers by Rs 50-100/t, reported market participants.
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