The iron ore rally took a breather on Tuesday, falling modestly after storming higher to start the week.
According to Metal Bulletin, the spot price for benchmark 62% fines fell 0.2% to $73.56 a tonne, pausing after logging a 7.2% gain on Monday.
Both lower and higher grades also weakened during the session.
The price for 58% fines lost 0.6% to $48.76 while ore with 65% Fe content fell by a larger 1% to $89.00 a tonne.
The slide in spot markets mirrored a reversal in Chinese futures which finished trade well off their intra-session highs.
However, both rebar and iron ore futures eked out modest gains overnight, providing no real clue as to what direction spot markets will move on Wednesday.
Here’s the final scoreboard for Tuesday’s night session.
SHFE Rebar ¥3,732 , 0.43%
DCE Iron Ore ¥569.00 , -0.78%
DCE Coking Coal ¥1,339.50 , 0.64%
DCE Coke ¥2,068.00 , 0.88%
Rebar futures closed Tuesday’s day session at 3,698 yuan, while iron ore futures finished at 566.5 yuan.
Trade in Chinese commodity futures will resume at 11am AEST.