The seaborne iron ore market reported higher prices on Thursday January 4 despite a big drop in spot rebar prices in east China.
Key driversChina's steel markets continued to soften during the day with spot rebar prices in the eastern region tumbling 170-180 yuan ($26-28) per tonne as bad weather dampened downstream demand.The benchmark iron ore futures contract picked up in the afternoon after declining in the morning, however.Offers for seaborne iron ore on trading platforms appeared to be not so well received for most of the day, but a few transactions were concluded later in the day at higher prices. Among them was a cargo of benchmark Pilbara Blend fines that traded above $75 per tonne cfr China.Trading activity mainly centered on shipments of fines scheduled to arrive before the Chinese New Year...