The seaborne iron ore market experienced inactivity on Monday January 15 with offers and bids diverging amid losses in China's steel and futures markets.
Key driversChina's ferrous futures largely stayed in negative territory at the start of the week, with the benchmark iron ore contract ending 2% lower than the settlement price last Friday.The country's spot rebar and hot-rolled coil prices also fell 30-100 yuan ($4.60-15.50) per tonne compared with last Friday.The rapid steel price drops and increasing supply of iron ore and scrap means there is "no ground for iron ore prices to keep climbing," China Iron & Steel Association's outgoing chairman Jin Wei said during the weekend.Western Australia's Pilbara Ports Authority (PPA) said late on Saturday that it had reopened the Port of Port Hedland at...