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Indian iron ore spot prices dip further:

It's reported that the spot prices of Indian iron ore fine contain 63.5% Fe to China have dropped to US$125~US$130/ton on November 1st, the lowest level since July 20th, 2010.

Market participants indicated that Australian Pilbara iron ore fine was dealt at US$116/ton CFR and the lump ore was at US$123/ton CFR.

For the prospect, most traders believe that the iron ore price may drop further. Meanwhile, the mill's inquiries have increased recently; however, it seems that buyers are only probing the market price instead of buying.