Iron ore markets continued to chop around, lifting modestly on Tuesday having fallen at the start of the week.
The spot price for benchmark 62% fines rose by 0.7% to $78.39 a tonne, according to Metal Bulletin, recovering around half the losses seen on Monday.
Like the benchmark, both higher and lower grades also pushed higher during the session.
Ore with 65% Fe content added 0.5% to $101.60 a tonne, while 58% fines rose by a smaller 0.4% to $49.11 a tonne.
The recovery in spot markets mirrored a rebound in Chinese rebar and bulk commodity futures earlier in the session.
Rebar futures on the Shanghai Futures Exchange closed down 0.34% at 4,084 yuan, off the lows seen in early trade. Iron ore futures in Dalian also recovered after an early session dip, eventually closing down 1.12% at 576 yuan per tonne.
However, continuing the choppy price action that has now dominated for several weeks, those moves were partially reversed during Tuesday’s night session.
Here’s how rebar and bulk commodity contracts closed overnight.
SHFE Rebar ¥4,064 , -0.59%
DCE Iron Ore ¥559.00 , -2.10%
DCE Coking Coal ¥1,394.00 , -0.71%
DCE Coke ¥2,296.50 , 0.00%
All contracts finished below Tuesday’s day session close, providing an early indication that the uptick in iron ore spot markets may be reversed today.
Much will be determined by the performance of rebar and iron ore futures once trade resumes at 11am AEST.