The iron ore continued to ease lower on Wednesday with trade volumes picking up following a slow start to the week.
The spot price for benchmark 62% fines fell by 18 cents to $54.57 a tonne, according to Metal Bulletin, trimming its year to date gain to 25.2%.
From 12 months earlier the benchmark price is up 16%, or $7.50.
Suggesting that the modest movements in the spot price may continue on Thursday, Dalian iron ore futures rose 0.8% in overnight trade, hinting that a small bounce in the spot price may arrive today should the gains be maintained or built upon today.
Trade in Chinese futures will resume at 11am AEST with the daily spot price fix from Metal Bulletin arriving at 8.30pm AEST.