The seaborne iron ore market continued to weaken on Tuesday March 6 on growing port inventories, but steel mills remain optimistic due to the current good profitability of steel products.
Key drivers Iron ore inventories at 42 major Chinese ports continued to pile up, reaching 159.37 million tonnes on Tuesday, up 740,000 tonnes since last Friday. Some trading sources said that very few mills are still willing to buy March delivery cargoes of Pilbara Blend fines and lump against a March index average because the spread between March and April swaps is much as $1.50-1.75 per tonne. Some offers for late March laycan cargoes are being withdrawn with...