It is reported that the iron ore spot price has gradually increased since December last year, but it began to drop in mid-February as the demand weakened again.
Australia is expected to export less iron ore in March and April than that in February. Iron ore spot prices have declined to a new record since July 2005, and currently Indian iron ore price is US$63.5/ton CFR.
Also the spot price going down implies that the contract base price of this year will be down about 40 percent. Source: Yieh.com