Iron ore is going nowhere

Photo by Tim Graham/Getty Images

The iron ore market remains quiet, choppy and directionless. Boring, in other words.

On Tuesday, the spot price for benchmark 62% fines slid by a minuscule 0.14% to $59.16 a tonne, according to Metal Bulletin, leaving it up 35.8% this year.

It was also the thirteenth session in the past fourteen where the price logged a daily movement in either direction of less than one percent.

Not what markets have become accustomed to, nor all that exciting.

Suggesting that the lacklustre trade in spot markets will likely continue, Chinese iron ore futures did little overnight.

The most actively traded January 2017 contract on the Dalian Commodities Exchange last traded at 420 yuan, down 0.71% for the session.

Trade will resume at 11am AEST. Updated shipping volumes from Port Hedland are also likely to arrive at some point during the session.

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