The iron ore price fell heavily for a second consecutive session on Tuesday.
According to Metal Bulletin, the spot price for benchmark 62% fines fell by 49 cents, or 1.18%, to $41.08 a tonne, leaving the year-to-date decline at 5.71%.
The sharp fall followed news that Chinese iron ore imports rose 2.2% to a record high level of 952.84 million tonnes in 2015.
As the table from Metal Bulletin reveals below, imports from Australia rose by 10.8% to 607.36 million tonnes, also a record high.
Suggesting that the two-day slump in the spot price may come to an end this evening, Chinese iron ore and rebar futures ripped higher in overnight trade.
The most actively traded May 2016 iron ore contract on the Dalian Commodities Exchange rose by 1.75% to 320 yuan, marginally shading a 1.52% bounce in the May 2016 rebar contract on the Shanghai Futures Exchange.
If sustained during today’s day session – beginning at 12pm – it points to the likelihood of a bounce in the spot iron ore price arriving later on this evening.