Iron ore markets are quietening down ahead of Lunar New Year celebrations.
According to Metal Bulletin, spot markets fell modestly across the board on Monday, adding to declines seen on Friday.
The price for benchmark 62% fines slipped 0.3% to $76.24 a tonne, moving further away from the one-month high of $77.32 a tonne struck on Thursday last week.
58% fines fell 0.1% to $43.34 a tonne while ore with 65% Fe content slid by a larger 0.5% to $92.70 a tonne.
“Most of the mills have already finished their purchases and most traders are on holiday now,” an iron ore trader in China’s port city of Rizhao told Reuters.
The losses followed a quiet session of trade in Chinese futures.
The May 2018 iron ore contract in Dalian closed at 523 yuan a tonne, giving back ground from levels seen earlier in the session.
“Trading in iron ore futures in China was quiet, with many traders already closing up shop for the holidays,” said analysts from ANZ Bank.
Rebar, coking coal and coke futures also meandered throughout the day, closing at 3,918 yuan, 1,364 yuan and 2,110.50 yuan a tonne respectively.
And, as seen in the scoreboard below, there was very little movement on those levels during Monday’s night session.
SHFE Rebar ¥3,908 , 0.05%
DCE Iron Ore ¥523.50 , 0.29%
DCE Coking Coal ¥1,355.00 , -0.11%
DCE Coke ¥2,108.50 , 0.12%
Trade in Chinese commodity futures will resume at midday AEDT.
Lunar New Year celebrations in China will begin from Thursday.