China’s ferrous futures tumbled in final hour of morning trading following gains in the previous night. They remained lacklustre in the afternoon; all the benchmark January contracts ended the day negatively.
As a result, iron ore transactions at Chinese ports were reported by sources to be either flat – or in the case of those in the earlier part of the day, slightly higher – but buyers retreated to the sidelines in the latter part of the day.
In the seaborne market, however, a tender involving Pilbara Blend fines was concluded at a price that is marginally higher than those a day earlier. It was concluded about half a dollar higher than where a mill source in north China had expected...