Gains in China's steel and futures markets led to more offers for seaborne iron ore being made on Thursday January 25, outnumbering the number of bids, and despite higher fixed-price transactions, premiums for index-linked cargoes weakened.
Key driversChina's ferrous futures rose across the board during the day, while spot prices for rebar and hot-rolled coil also increased 10-30 yuan ($1.60-4.70) per tonne.A Rio Tinto tender for Pilbara Blend fines was concluded at a price that is $1.39 per tonne higher than a similar transaction a day earlier, but premiums on cargoes of the product that are tied to a February index were offered premiums as low as $1.40 per tonne due to a small number of bids. This compares with a traded premium of $1.80 per tonne on Tuesday.A cargo of Pilbara Blend lumps was sold via a tender against an index at a lump premium of $0.1473 per dry metric tonne unit, up from $0.1250 per dmtu on Monday.BHP...