Iron ore market continued to bite the dust without any respite as the finished steel market decline in China seemed unstoppable.
The misery in both finished and raw material market has been so severe that it has triggered panic selling of iron ore by fringe traders.
Numerous sellers have attempted to hold their ground, albeit unsuccessfully because some of the sellers have caved in and lowered their offers.
In fact some rock bottom offers by small traders have propensity to set in panic selling spree soon sending the market in tizzy if finished market doesn’t bottom out soon.
Since September 9th 2011, the prices for higher grades have slid by USD 12 per tonne that equates to 7%
Iron ore fines
FOB India
| Grade | Change |
| Fe 63.5/63% | -3% |
| Fe 63.5/62.5% | -3% |
| Fe 63/62% | -3% |
| Fe 62/61% | -3% |
| Fe 61/60% | -3% |
| Fe 60/59 % | -3% |
| Fe 59/58 % | -3% |
| Fe 58/57% | -3% |
| Fe 57/56 % | -3% |
| Fe 56/55% | -3% |
| Fe 55/54 % | -3% |
| Fe 54/ 53 % | -2% |
| Fe 53/52 % | -2% |
| Fe 52/51 % | -1% |
Change is on Oct 14th as compared to 7th Oct 2011
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