Trading activity slowed down in the physical iron ore market on Friday January 26 on weaker futures and steel prices in China.
Key driversFerrous futures generally trended downward during the day, while spot rebar and hot-rolled coil prices also dipped 10-20 yuan ($1.60-3.20) per tonne.These dampened iron ore trading activity. A source at a mill in Tangshan told Metal Bulletin that it initially planned to buy some materials at the ports in the morning, but called off the procurement later in the day as sentiment deteriorated.Miners offered fewer cargoes of seaborne iron ore compared with the last few days, and bids were even scarcer.A seaborne tender for Pilbara...