Iron ore futures are treading water

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Chinese iron ore futures are treading water, continuing the pattern seen in recent weeks.

The most actively-traded September 2017 contract on the Dalian Commodities Exchange closed up 0.35% at 432.5 yuan per tonne, almost unchanged from the level it finished Monday’s day session.

It was a similar story for rebar futures on the Shanghai Futures Exchange which finished largely unchanged from Monday’s day session close.

Coking coal and coke futures also finished mixed.

SHFE Rebar ¥3,147 , 1.03%
DCE Iron Ore ¥432.50 , 0.35%
DCE Coking Coal ¥1,021.00 , -0.58%
DCE Coke ¥1,636.00 , 0.43%

The muted movements in futures markets provides no indication as to what direction spot markets will move on Tuesday.

No spot pricing was available on Monday due to a public holiday in Singapore.

On Friday last week, the price for benchmark 62% fines closed up 0.39% at $56.75 a tonne, according to Metal Bulletin.

The group’s daily Iron Ore Index will be released after 8.30pm AEST. Chinese commodity futures will resume trade at 11am AEST.

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