Ex-India iron ore offers to the Chinese market have indicated a slight softening. Currently, offers of Indian fine ore of 63.5 percent iron content stand at $185-187/mt CFR China, down by $2/mt compared to last Friday.
Last Wednesday, the Indian state of Karnataka lifted its ban on iron ore exports, causing iron ore supplies to increase in the export market. As a result, for the time being Chinese buyers are reluctant to close any deals and are bidding as low as $180-185/mt CFR.