Iron ore rose modestly on Tuesday, extending its winning streak to a fourth consecutive session.
According to Metal Bulletin, the spot price for benchmark 62% fines rose by 0.28%, or 12 cents, to $42.78 a tonne.
From the low of January 13 the price has now rallied 8.28%, reducing the year to date decline to 1.81%.
Offering no real clue as to whether the winning streak will continue today, Chinese iron ore futures did little overnight.
The most actively traded May 2016 contract on the Dalian Commodities Exchange fell 0.16% to 319 yuan. Trade will resume today at 12pm AEDT.
The continued rally in the spot price came despite further evidence of slowing steel production, and demand, in China.
As part of its Q4 GDP report released yesterday, China’s NBS revealed that the nation produced a total of 803.83 million tonnes of crude steel in 2015, down
2.3% from a year earlier.