It looks like Chinese iron ore traders are getting a little ahead of themselves when it comes to their bullish bets.
Following another 4% surge in iron ore futures, the spot price for 62% fines actually fell on Wednesday, according to Metal Bulletin, sliding 0.39% to $59.15 a tonne.
Of course, that followed a mammoth 6.65% gain on Tuesday, so the decline was more akin to a consolidation rather than a fall.
Year to date the price has now gained 35.8%.
Mirroring the movement in the spot price, Chinese iron ore futures recoiled slightly overnight following two days of enormous gains.
The most actively traded September 2016 contract on the Dalian Commodities Exchange fell 0.11% to 458.5 yuan. Trade in Dalian will resume at 11am AEST.
Perhaps explaining the move in futures, Chinese iron ore import volumes fell modestly in June, sliding 5.9% to 81.63 million tonnes. Despite the decline, the total amount of iron ore imported over the past 12 months came in at 994 million tonnes, the largest annual total on record.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.