Iron ore's losing streak is over

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Iron ore’s losing streak is over.

According to Metal Bulletin, the spot price for benchmark 62% fines rose 0.5% to $74.87 a tonne on Thursday, the first increase in five days.

Outside of the benchmark, the moves elsewhere were minimal.

58% fines was essentially flat, rising 2 cents to $41.49 a tonne. Ore with 65% Fe content was flat, closing unchanged at $90 a tonne.

Thursday, January 18, 2018 will not go down in the history books as an exciting day for the iron ore market.

Nor does it look like Friday, January 19, 2018 will deliver much action either.

Futures markets were quiet overnight despite the release of major Chinese economic data on Thursday, most of which beat market expectations.

After closing up 1.4% at 537 yuan a tonne during Thursday’s day session, iron ore futures in Dalian slipped in overnight trade, finishing at 534.5 yuan a tonne.

Rebar futures in Shanghai, in comparison, continued to edge higher, closing the night session at 3,871 yuan a tonne, up from Thursday’s day session close of 3,859 yuan.

Here’s the full scoreboard from overnight trade.

SHFE Rebar ¥3,871 , 0.73%
DCE Iron Ore ¥534.50 , -0.09%
DCE Coking Coal ¥1,277.00 , -0.20%
DCE Coke ¥1,966.00 , -0.10%

The mixed performance offers no real clues as to which direction spot markets may travel today.

Trade will resume at midday AEDT.

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