Prices for seaborne iron ore were rangebound on Tuesday February 27 after they rose close to the $80-per-tonne level a day earlier.
Key drivers Premiums for March-delivery cargoes of Pilbara Blend fines and Newman fines continued to weaken during the day amid an increase in the number of such cargoes being offered on the market and thin buying interest among mills. Several trading sources pegged the tradable premium for March-delivery Capesize cargoes of Pilbara Blend fines at around $1 per tonne and that for joint cargoes of Pilbara Blend fines and lumps at around $0.60-0.80 per tonne, when sold on index basis. China's 42 major ports had 158.87 million tonnes of iron ore in their inventories on Tuesday, up 1.24 million tonnes from last Friday, according to a local...