Iron ore spot markets fell on Monday, snapping a four-day winning streak in the process.
According to Metal Bulletin, the price for benchmark 62% fines slipped 1% to $67.27 a tonne, pulling back from a four-month high struck on Friday.
The weakness in the benchmark was mirrored across the grades.
The price for 58% fines fell 0.2% to $37.85 a tonne, overshadowed by a larger 3% slide in ore with 65% Fe content which closed at $82.90 a tonne.
Helping to explain the weakness in spot markets, Chinese iron ore futures staged a sharp reversal on Monday, hitting a high of 516.5 yuan before eventually closing at 505 yuan.
The modest pullback came despite continued strength in rebar futures in Shanghai which closed at 3,833, an increase of 1%.
In contrast to Monday’s day session, those performances were reversed in overnight trade with iron ore futures pushing higher while rebar contracts fell.
Here’s the scoreboard.
SHFE Rebar ¥3,825 , 0.82%
DCE Iron Ore ¥508.00 , 3.15%
DCE Coking Coal ¥1,309.00 , 2.79%
DCE Coke ¥2,092.00 , 3.00%
Trade in Chinese commodity futures will resume at midday AEDT.