Iron ore spot markets finished mixed on Thursday despite a bounce in futures markets.
According to Metal Bulletin, the price for benchmark 62% fines fell by 0.85% to $77.16 a tonne, leaving it at a one-week low.
It’s now fallen in each of the past three sessions.
Higher grades also softened, although lower grades managed to eke out modest gains after plunging on Wednesday.
Ore with 65% Fe content fell 0.5% to $100 while 58% fines added 0.4% to $49.69.
The mixed performance came despite a rebound in Chinese rebar futures during Thursday’s day session.
The January 2018 contract on the Shanghai Futures Exchange rose by 1.7% to 3,858 yuan per tonne, recovering some of the steel losses experienced earlier in the week. Iron ore futures in Dalian, having traded higher for most of the session, finished at 582.5 yuan, below the 585 yuan level it closed Wednesday’s night session.
However, hinting that iron ore spot markets may join in the steel rebound today, futures continued to rip higher in overnight trade.
Rebar futures jumped 3.08% to $3,945 yuan while iron ore added 2.23% to 596.5 yuan. There were also some massive gains in coking coal and coke futures during the session.
SHFE Rebar ¥3,945 , 3.08%
DCE Iron Ore ¥596.50 , 2.23%
DCE Coking Coal ¥1,525.00 , 3.32%
DCE Coke ¥2,483.00 , 4.22%
Trade in these markets will resume at 11am AEST.