Key drivers
Billet in China’s Tangshan port was being traded at 3,580 yuan per tonne including VAT, down 30 yuan per tonne from Monday.

Traders holding seaborne cargoes are willing to negotiate premiums with buyers, with enquiries for Pilbara Blend and Newman fines and lump today at lower bids.

The February arrival of a Capesize delivery of Pilbara Blend fines was heard on the spot market at a February average of a 62% Fe index with premium at $1.50 per tonne.

Some mills sources said they were negotiating with BHP and trying obtain a downward adjustment for Mining Area C fines and Jimblebar fines from current levels.

Quote of the day
"Many mills are only interested in those cargoes arriving in February, or already at Chinese ports for restocking purposes, and restocking activities among mills along the Yangtze River [has been] quite significant,” a trading source in Shanghai said.

Trades/offers heard in the market
Rio Tinto, tender, 170,000 tonnes of 61% Fe Pilbara Blend fines, sold at $72.51 per tonne cfr China, laycan February 20-March 1.

BHP, Beijing Iron Ore Trading Center (Corex), 170,000 tonnes of 62.9% Fe Newman fines, sold at $75 per tonne cfr China, laycan February 3-12.

Corex, 170,000 tonnes of 61% Fe Pilbara Blend fines, sold at $73 per tonne cfr China, laycan February 7-16.

BHP, Corex, 90,000 tonnes of 62.9% Fe Newman fines, offered at $75.60 per tonne, laycan February 19-28.

Corex, 100,000 tonnes of 62% Fe Pilbara Blend fines, offered at February average of a 62% Fe index at a premium of $1.95 per tonne, laycan February 5-14.

Port prices
Pilbara Blend fines were heard to have traded lower at 530 yuan per wet metric tonne (wmt) at ports in Shandong province and the Tangshan region on January 23, down from 540-545 yuan per wmt on Monday.

The latest range is equivalent to about $72.35 per tonne cfr China in the seaborne market.

Dalian Commodity Exchange afternoon close
The most-traded May iron ore futures contract closed at 521.50 yuan per tonne on Tuesday, down 19 yuan per tonne from Monday’s closing price.