Iron ore is sliding again after its huge rally earlier in week

Photo by Phil Walter/Getty Images.

Iron ore prices continued to slide on Thursday, falling for a second session in a row.

According to Metal Bulletin, the spot price for benchmark 62% fines fell by 1.15% to $58.47 a tonne, trimming this week’s advance to 6%.

Year to date it has risen 34.2%.

“The iron ore spot market was relatively quiet and saw the price level drift slightly further downwards following the rally earlier in the week,” said analysts at Metal Bulletin.

Indeed, the quietness in physical iron ore markets flowed through to Chinese futures overnight with the most actively traded September 2016 contract on the Dalian Commodities Exchange closing flat.

Trade in Dalian will resume at 11am AEST, just an hour before the release of major Chinese economic data, including Q2 GDP.

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