Iron ore prices rose on Wednesday, but actually, they didn’t.
According to Metal Bulletin, the spot price for benchmark 62% fines rose by 1.53% to 57.16 a tonne, leaving its gain in 2016 at 31.2%.
Despite the lift in the benchmark price, it was actually lower than the previously reported level of $57.68 a tonne on Tuesday.
A correction to data previously released — overstating gains in the index — was behind the anomaly in pricing.
Providing no real clue as to what spot markets may travel on Thursday, Chinese iron ore futures did little in overnight trade, rising 0.35% to 425 yuan a tonne.
Trade in futures will resume at midday AEDT, ahead of the release of Chinese international trade data later in the session, including iron ore import levels.
There is no set time for the trade release, although it may arrive around 2pm AEDT based on historic norms.