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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.

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