Iron ore continued to slide on Thursday, logging its seventh consecutive decline in the process.
According to Metal Bulletin, the spot price for benchmark 62% fines fell 43 cents to $53.75 a tonne, leaving its decline from March 21 to 8.62%.
Continuing the recent trend, analysts at Metal Bulletin suggest weak steel prices weighed during the session.
“The steel market has struggled today,” said Metal Bulletin.”The weakening price of both billet in Tangshan and rebar futures contracts weighed on market sentiment, prompting traders to lower their offers during the day.”
Though they have not had the best track record for predicting movements in the spot price of late, Chinese iron ore and rebar futures ripped higher overnight, gaining more than 2%.
Should those gains be maintained or built upon today, it points to the likelihood that the seven day losing streak may have run its course.
Trade in Chinese futures will begin at 12pm AEDT. That will also correspond with the release of the latest China manufacturing PMI print for March, along with the separate steel industry PMI report.