Seaborne iron ore market continued to weaken on Tuesday January 16 amid limited trading activity, with high inventory levels at Chinese ports and mills' smaller margins capping prices for the steelmaking raw material.
Key drivers There were few inquiries made for seaborne cargoes, including high-grade fines, during the day, according to trading sources. A few mills were also heard to be reselling the cargoes that they had bought.Both Pilbara Blend fines and Carajas fines sold against a 62% Fe index saw their premiums fall in comparison with a week ago, a trading source said. Jimblebar and Mining Area C fines are the more cost-effective materials at the moment, as they are being sold at a discount to a 62% Fe index, the source added. Traders with...