Iron ore markets are sleepy

Fridays – always too far away. Picture: Getty Images

The iron ore market is meandering, with prices moving gently in either direction without really going anywhere.

Wednesday was no exception.

According to Metal Bulletin, the spot price for benchmark 62% fines rose by 0.45% to $53.89 a tonne, offsetting the 0.4% decline registered on Tuesday.

Despite the lacklustre price action, it now sits at the highest level since May 20.

With one day left in the 2016 financial year, the benchmark spot price has fallen 9.2%. Over a shorter timeframe, it has risen fractionally over the quarter and by some 7.5% in June.

Chinese futures did little in overnight trade, providing no indication on the likely direction of the spot price on Thursday.

The most actively traded September 2016 future on the Dalian Commodities Exchange rose by 0.24% to 419 yuan.

Trade in Dalian will resume at 11am AEST.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at