- Iron ore spot and futures markets are very quiet.
- Minimal movements were seen across the grades on Wednesday. Futures also went nowhere.
- China’s Central Economic Work Conference (CEWC) continues today.
Iron ore markets remain quiet with minimal movements recorded in spot and futures markets on Wednesday.
According to Metal Bulletin, the spot price for benchmark 62% fines rose 0.2% to $69.15 a tonne, partially reversing losses seen in the prior two sessions.
The price for 65% Brazilian fines held steady at $85.30 a tonne for a third consecutive session. 58% fines rounded off the mixed price performance, slipping 0.2% to $44.26 a tonne.
The performance in spot markets mirrored an equally quiet day in Chinese steel and bulk commodity futures on Wednesday.
That theme continued in overnight trade with all contracts largely unchanged from Tuesday’s night session close.
SHFE Hot Rolled Coil ¥3,461 , 0.35%
SHFE Rebar ¥3,448 , 0.50%
DCE Iron Ore ¥489.00 , 0.31%
DCE Coking Coal ¥1,203.50 , 0.04%
DCE Coke ¥1,985.50 , 0.30%
Hot-rolled coil and rebar contracts edged higher while all the bulks fell, albeit marginally.
The mixed and modest price movements provides few clues as to what direction spot markets will travel on Thursday.
Trade in Chinese commodity futures will resume at midday AEDT.
Markets will be eyeing off any headlines that may come from China’s Central Economic Work Conference (CEWC) that began on Wednesday, especially those relating to growth targets and market reforms in the year ahead.
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