Iron ore has stabilised

Photo by Chung Sung-Jun/Getty Images

Iron ore prices stabilised on Wednesday, recording a small gain having fallen by more than 4% on Tuesday.

According to Metal Bulletin, the spot price for benchmark 62% fines rose by 0.16%, or 8 cents, to $50.65 a tonne, leaving the price gain so far this year at 16.2%.

Suggesting that the upside momentum may accelerate on Thursday, Chinese iron ore futures recorded solid gains in overnight trade, rallying by 1.12% according to pricing from the Dalian Commodities Exchange.

Trade in futures markets will resume at 11am AEST.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.