Reuters reported that India iron ore prices were quoted around USD 100 per tonne to USD 105 per tonne to an uninterested China with large exporters in both countries saying there were no confirmed deals this week.
A trader who runs his trading house in Hebei province in northern China said that "I am taking a vacation now. I have decided to leave the market for a while. There is no sign of a bottom yet so I think I better wait."
According to industry consultancy Mysteel, Benchmark iron ore prices were quoted between USD 103 per tonne and USD 105 per tonne recently in the Chinese spot market but rare trade was conducted.
A large east India based miner cum exporter said that "Prices are targeting USD 100."
Monsoon and the markets Last week ores with 63.5% iron content were quoted at USD 110 per tonne to USD 112 per tonne C&F down from USD 115 earlier in that week.
The east India miner said that "Everybody is waiting now to see how much more it can fall. It may take 4 days to 5 days for things to be clear."
A dealer in an international trading company in New Delhi said that the anticipated fall could extend to USD 80 to USD 90 after which it could stabilize. He said that "Everybody would be happy with that level."