Seaborne iron ore prices retreated for the first time this year on Wednesday January 10 amid uncertainties over whether a forecast cyclone in Australia could result in supply disruptions.
Key driversChina's ferrous futures retreated in the afternoon after trending upward in the morning. The benchmark iron ore contract ended slightly lower than a day earlier.A tender for a seaborne cargo of Pilbara Blend fines was concluded at a lower price, while offers for index-linked February shipments of the product carried lower premiums. They were to have fallen from $2.50 per tonne to $2.30 per tonne.A cyclone forecast for later this week, which could disrupt operations at Western Australia's Port of Port Hedland, "looks less likely to affect February shipments," a Chinese mill source based in Singapore said.The Pilbara Ports Authority said it had activated its cyclone response plans for a tropical low north of the coastal town of Broome in Western Australia, which is expected to become a...