Iron ore spot markets continued to rally on Wednesday, extending its winning streak into a sixth consecutive session.
According to Metal Bulletin, the spot price for benchmark 62% fines rose by 0.66% to $56.82 a tonne, taking its gain since June 13 to 6.5%.
At six, this stretch of gains is the longest since late December 2015.
Like the benchmark, lower grade ores also rallied with the price for 58% fines lifting 0.8% to $39.00 a tonne.
Making that performance all the more impressive, the gains came despite continued weakness in steel markets.
“China’s spot rebar prices fall further amid weak demand. A second day of losses in the futures market weighed further on spot prices,” said Metal Bulletin.
“A pessimistic outlook coupled with bad weather led a number of buyers to suspend their procurement with many anticipating market inventory to increase and weigh on prices.”
After opening down around 2% earlier in the session, a late flurry of buying in iron ore futures in Dalian may have contributed to the gain in spot markets.
They eventually closed up 0.35%, with that form continuing overnight.
The September 2017 contract rallied 2.58%, finishing trade at 437 yuan a tonne. Rebar futures also put in a strong showing after tumbling on Wednesday, adding 1.47%.
Coking coal and coke futures also added more than 3% for the session.
SHFE Rebar ¥3,105 , 1.47%
DCE Iron Ore ¥437.00 , 2.58%
DCE Coking Coal ¥1,055.50 , 3.84%
DCE Coke ¥1,644.00 , 3.04%
Trade in Chinese commodity futures will resume at 11am AEST.
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