The seaborne iron ore market appears to have regained some stability on Wednesday March 14 after a two-week decline, with a few big trading companies bottom-fishing for high-grade products after prices fell below $70 per tonne cfr China.
Key drivers Sources at several major trading companies said they were looking to buy April-delivery cargoes of Pilbara Blend fines and lumps as well as a few for delivery in the second quarter after seeing prices fall for eight consecutive working days.In the spot market, several bids were made for Capesize cargoes of Pilbara Blend fines with laycan set for mid-April and late April at the April Average of a 62% Fe index plus a premium of $0.60-0.80 per tonne, according to sources. Such cargoes were being offered at index plus $1.20-1.50 per tonne during the day. Though a...