Iron ore is treading water

Photo by Buda Mendes/Getty Images

The iron ore price continued to tread water on Thursday, rising fractionally for a second consecutive session.

According to Metal Bulletin, the spot price for benchmark 62% fines rose by 0.1%, or 5 cents, to $50.70 a tonne. The gains for lower grade ore were slightly more exciting with the price for 58% fines rising 62 cents to $40.73 a tonne.

Offering little indication as to whether the stability in prices will continue, particularly given the divergent price performance seen in recent days, Dalian iron ore futures fell modestly in overnight trade, finishing the session down 0.68% at 363 yuan.

Previosuly the spot market tended to follow movements in futures, although recently the correlation between the two has seemingly disconnected.

Trade in Dalian will resume at 11am AEST.

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