Iron ore has fallen

Clive Mason/Getty Images

The two day, 7% plus rally in the iron ore price has ended.

According to Metal Bulletin, the spot price for benchmark 62% fines fell by 0.92%, or 43 cents, to $46.35 a tonne on Wednesday, narrowing its year to date increase to 6.38%.

Suggesting that the weakness in the spot price may extend into a second consecutive session, Chinese iron ore futures fell modestly in overnight trade.

The May 2016 contract on the Dalian Commodities Exchange slid by 0.44% to 339.0 yuan, pointing to the potential for a further decline in the spot price should the decline be sustained or built upon today.

Trade in Dalian will resume at 12pm AEDT.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.