The Chinese imported iron ore market saw a drop in levels on the announcement of china raising their reserve ratio.
As per some unconfirmed reports, a 63.5/63%Fe parcel was finalized at USD 130 per tonne CFR China which is substantially cheaper than USD 135 per tonne levels heard last week.
AS per reports, Chinese banks sold one year bill at a higher yield for the first time in 20 weeks, an attempt to curb lending, causing Chinese commodity futures markets to open lower.
With the impending gradual shift form benchmark pricing based long term contracts to spot cargos, it has become more vital for both sellers as well as buyers to precisely monitor the daily movements of iron ore spot prices to keep tab on trends and spot opportunities.