Seaborne iron ore prices softened on Monday January 29 amid weakening futures and a subdued steel market in China.
Key driversBillet in China's Tangshan was traded at 3,590 yuan ($568) per tonne including VAT during the day, down 10 yuan per tonne from last Friday.Most mills have completed their restocking of seaborne cargoes, according to several trading sources. Restocking activity at Chinese ports is also coming to an end, they said.Fortescue Metals Group was heard to have raised the downward adjustment for February shipments of its 58.3% Fortescue Blend...