Nearly unmatched slide in domestic prices levels in China the iron ore prices moved on the ordained course sliding by another 1%.
With 4% decline in steel prices in domestic market in China in September the iron ore buying has been nearly absent. Mills have gone in a huddle.
The market bore a barren look as mills tried to align production with the slumping demand. Iron ore stockpiles at 94.1 million tonnes gives cushion to the mills to stay put for couple of months. A general consensus of negativity about the Chinese economy pervaded leaving transactions in the lurch.
Ironically even with week long National Holiday about to start (October 1st to 7th) there was no urgency to amass material.
( Source: www.steelguru.com )