Physical iron ore markets weakened on Wednesday January 9 following downward corrections in futures and steel prices.
MB 62% Fe Iron Ore Index: $73.90 per tonne cfr Qingdao, down $0.56 per tonne. MB 62% Fe Pilbara Blend Fines Index: $74.04 per tonne cfr Qingdao, down $0.56 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $75.68 per tonne cfr Qingdao, down $0.52 per tonne. MB 58% Fe Premium Index: $66.52 per tonne cfr Qingdao, down $0.09 per tonne. MB 65% Fe Iron Ore Index: $88.10 per tonne cfr Qingdao, down $0.50 per tonne. MB 62% Fe China Port Price Index: 574 yuan per wet metric tonne (implied 62% Fe China Port Price $74.43 per dry tonne), down 1 yuan per wet metric tonne.Key driversChina's ferrous futures retreated on Wednesday afternoon after largely upward movement since Tuesday night, with the benchmark iron ore contract leading losses.The country's spot rebar and hot-rolled coil prices also dipped 10-20 yuan ($1.50-2.90) per tonne in the day.Spot iron ore trading at Chinese...