The spot iron ore price continued to slide on Wednesday, notching up its sixth consecutive decline in succession.
According to Metal Bulletin, the spot price for benchmark 62% fines fell by a further 93 cents to $54.18 a tonne, extending its decline from March 21 to 7.9%. Year to date it remains higher by 24.4%.
Although its track record of predicting movements in the spot price has been less than stellar of late, the most actively traded iron ore futures contract on the Dalian Commodities Exchange rose by 0.82% in overnight trade, suggesting the losing streak may end should the gain be sustained today.
Clouding this view further, near-dated iron ore futures were lower while the October 2016 rebar future on the Shanghai Futures Exchange also slid by 0.62%.
Trade in futures markets will resume at 12pm AEDT.
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