It was rare weak session for Chinese iron ore futures on the Dalian Commodities Exchange overnight, closing down 1.19% at 497 yuan.
On Tuesday it traded up to as high as 511 yuan, a level not seen since March 2015.
Elsewhere coking coal futures finished at 1,263 yuan, up 2.1%, while rebar futures on the Shanghai Futures Exchange closed fractionally lower, slipping 0.27% to 2,584.
Trade in Chinese commodity futures will resume at 11am AEST.
There was no iron ore spot pricing released on Tuesday due to a public holiday in Singapore.
The spot price for benchmark 62% iron ore fines rose by 1.35% to $61.56 a tonne on Monday, according to Metal Bulletin, leaving its year to date gain at 41%.