"The trend is for prices to gradually dip down but the path will be really bumpy," Liao said.

Prices of mid-grade Brazilian fines were up on Wednesday October 30, with a Brazilian Blend fines (BRBF) cargo fetching $85.60 per tonne.

ferro-alloys.com:Karnataka mining bodies expecting a drop-off in iron ore prices

The lease extension will be granted after an application has been made by the state-run company.

China accounts for more than 20 percent of the company's total sales volume, Machkevitch stated.

It estimates that pellet consumption could increase its proportion of the total raw material mix in blast furnaces from 11% in 2015 to 19% in 2025.

ferro-alloys.com:Fortescue in competition for massive West African iron ore project

Rio Tinto signs MOU with China's Baowu Steel Group, Tsinghua University to reduce carbon emissions.