Iron ore looks set to stir from its slumber

Getty/ Paula Bronstein

Iron ore spot markets were static on Tuesday as Chinese markets remained closed for the Dragon Boat Festival.

The price for 62% and 58% fines held steady at $58.50 and $39.75 a tonne respectively, according to data from Metal Bulletin.

After a slow couple of days, market activity looks set to pick up again as Chinese markets reopen following a four-day break.

“Activity is expected to pick up in the latter stages of this week as participants return to the market,” said Metal Bulletin.

That includes the resumption of trade in Chinese commodity futures, often influential on the performance of spot market pricing of late.

They’ll reopen at 11am AEST, coinciding with the release of Chinese manufacturing, steel and non-manufacturing PMI figures for May.

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