Spot iron ore prices in Chinese market managed to stay at similar levels ahead of political transition in the country. Buyers prefer to wait for new policies and directions given by new leadership.
Indian exporters like Essel and Rungta hold Fe 63.5/63 iron fines offers at $122-124/t CFR, although movement has been very limited in last few months on factors like Shah commissions probe on illegal mining in Odisha, and high freight charges.
Few Indian merchant exporters heard to have concluded low grade cargoes of Fe 56 and Fe 58 at around $96 and $102 respectively to main land Chinese port.
An Australian 90,000 tonnes cargo of Fe 63 and Newman iron ore fines is being offered at a tender, along with 100,000 tonnes of Australian Fe 58 Yandi fines. Traders expect both cargoes to conclude at similar levels.
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