Iron consolidates upon its recent hefty gains

Victor Fraile/Getty Images

Iron ore prices inched higher on Friday, consolidating the 5.3% bounce recorded on Thursday.

According to Metal Bulletin, the spot price for the benchmark 62% fines rose by four cents, or 0.07%, to $56.01 a tonne. Year-to-date the price has fallen by $15.25, or 21.4%.

In futures trade on Friday evening the January 2016 contract on the Dalian Commodities Exchange, the most actively traded contract, fell by 0.52% to 381.5 yuan. If sustained today, there is a likelihood of a small loss in the spot price this evening.

Trade in Dalian will resume at 12pm AEDT.

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