- The benchmark iron ore price has risen, fallen, risen and fallen so far this week.
- Despite the choppy price action, it’s barely moved from last Friday’s closing level.
- Futures were once again quiet in overnight trade.
The price for benchmark 62% iron ore fines rose on Monday, fell on Tuesday before gaining again on Wednesday.
It’s not hard to guess what happened on Thursday.
According to Metal Bulletin, it fell 0.8% to $67.49, giving back much of the gains achieved a session earlier.
As seen in the chart below, despite the choppy price action seen this week, the benchmark has risen a paltry 0.1%.
Continuing the theme seen on Wednesday, there was minimal movement across the grades on Thursday.
The price of 58% fines were unchanged at $39.56 a tonne, while 65% fines edged up by 0.2% to $86.40 a tonne.
The small moves followed a largely uninspiring session for Chinese iron ore and rebar futures which did next to nothing on Thursday.
Rebar futures finished at 3,679 yuan a tonne while iron ore slipped to 483 yuan. Daily ranges in both contracts were very small, at least compared to usual standards.
As seen in the scoreboard below, the small moves in futures continued in overnight trade.
SHFE Rebar ¥3,653 , -0.57%
DCE Iron Ore ¥483.00 , 0.31%
The performance from futures markets provides few clues as to what direction spot markets will travel today. If the pattern from earlier this week continues, it will probably be higher.
Trade in futures will resume at 11am AEST.