Both the physical and paper markets for iron ore softened on Friday January 12 amid a further weakening of Chinese steel prices and with the disruptions attributed to a cyclone in Australia being less intense than expected.
Key driversChina's spot rebar and hot-rolled coil prices fell 20-70 yuan ($3.10-10.80) per tonne during the day. The country's ferrous futures also tanked across the board.Western Australia's Pilbara Ports Authority said on Friday afternoon that winds from Tropical Cyclone Joyce were expected to ease by nighttime. As such, the closure of the Port of Port Hedland - Australia's biggest iron ore shipment port - since Thursday night, will continue until Saturday morning, it said.Shipping operations are expected to resume at 6am local time on Saturday should weather conditions improve, it added. Market participants had expected greater disruptions to supply as a result of the cyclone, and these concerns led to iron ore prices being given a boost on Thursday, a mill source in north China told Metal...