The seaborne iron ore market saw little activity on Monday January 22, but premiums for index-linked cargoes of high-grade fines have fallen below $2 per tonne while those for lumps continue to rise.
Key drivers Premiums for Pilbara Blend fines and Carajas fines have both fallen below $2 per tonne now that most mills have completed their restocking of seaborne cargoes scheduled for delivery in February. February-arrival Capesize cargoes of Pilbara Blend fines were said to be tradable at premiums of $1.50-1.70 per tonne against a 62% Fe index, compared with index plus $1.95 per tonne last week.As for joint cargoes of Pilbara Blend fines and lumps, which were being offered at index plus $1.30-1.50 per tonne, trading sources estimated transaction levels of index...