Iron ore futures are getting slammed

Photo by Neal Simpson/EMPICS via Getty Images

Chinese iron ore futures fell heavily in overnight trade on Wednesday, pointing to the likelihood that spot markets will follow suit today.

The January 2018 iron ore contract fell 3.37% to 444 yuan per tonne, closing well off the high of 465 yuan per tonne struck earlier in the session.

Dalian Iron Ore January 2018 Contract. 5-Minute Chart. Source: Thomson Reuters

Helping to explain the ugly decline in Dalian, rebar futures in Shanghai also tumbled, sliding 3.21% to 3,613 yuan per tonne.

Coke and coking coal futures were also under pressure, losing 5.27% and 3.92% respectively.

Spot pricing was not available on Wednesday due to a public holiday in Singapore. On Tuesday, the spot price for benchmark 62% fines settled at $62.72 a tonne, according to Metal Bulletin.

Trade in Chinese futures will resume at midday AEDT, one hour before the release of major economic data including Chinese GDP.

Obviously this carries the potential to change the narrative seen across futures markets overnight.

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