Indian iron ore prices drop
The price of iron ore from India keeps dropping in China, as the price of CFR china port of 63.5 percent iron ore went down from US$80/ton to US$70/ton.
The iron pellets price is being quoted about CFR US$100/ton, whereas the sea freight is around US$5~6/ton, which is US$2~3/ton lower than the lowest sea freight in 2003.
The iron ore prices are expected to reduce to CFR US$50/ton, because there are still a lot of stocks in Chinese ports and most of the mills are cutting production during these two years.
reported by Yieh Corp.
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