The seaborne iron ore market softened on Wednesday February 28 with few bids made in response to the large number of offers, most of them from traders.
Key driversChina's benchmark iron ore futures contract retreated for a second day, while spot rebar and hot-rolled coil prices in the country also fell 10-20 yuan ($1.60-3.20) per tonne during the day.With downstream steel demand yet to pick up after the Chinese New Year holiday and amid uncertainties over policy for the months to come, mills in China are showing little interest in booking seaborne cargoes at the moment.A few...