Having fallen to the lowest level since July 8 this year, there are signs of life emerging for the beleaguered iron ore price.
After gaining 0.58% in overnight trade, Chinese iron ore futures have extended that gain during Friday’s day session, rallying more than 1%.
The most actively traded January 2016 contract on the Dalian Commodities Exchange is currently up 1.59%, having risen as much as 2.17% earlier in the session. Rebar futures on the Shanghai Futures Exchange are also moving higher, recovering after hitting an all time record low on Thursday.
Given the price action in both iron ore and rebar futures, it points to the likelihood of a bounce in the spot iron ore price this evening.
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