Spot iron ore prices soften on falling steel prices in China

With slight correction in steel prices in China, markets are still puzzled if spot iron ore prices sustain at these levels.It is reported that iron ore tendered by BHP and Vale had shed few cents as it is difficult to push buyers for high prices.

BHP Billiton, an Australian miner sold a cargo of 62.7-percent grade Newman ironore fines at $136.2 a tonne at a tender on Monday, lower than a previous $137 deal for the same grade last week, traders said.

"Indian exporters sidelined on high freight charges and export duty.Currently exports are only managed by Essel Mining and Rungta mines.There are other handful merchant exporters like SM Niryat dealing in low grade iron ore. 59% Fe iron fines heard to be offered in the range of 3300-3400/t at Vizag Port." said a local trader based in India.