- Iron ore spot and futures markets recorded tiny movements across the board on Friday.
- Trade may have been impacted by a long weekend in China.
- Chinese markets will remain closed until Tuesday, likely ensuring there’ll be limited market activity on Monday.
Iron ore markets are quiet, logging minimal moves across the grades on Friday.
A long weekend in China may explain the lacklustre trade seen in recent days.
According to Metal Bulletin, the spot price for benchmark 62% fines dipped 0.1% to $69.13 a tonne, continuing to ease having hit a six-month high earlier in the week.
It’s now recorded modest declines in each of the past three sessions.
Like the benchmark, there were minimal price changes seen across the grades on Friday.
The price of 58% fines fell 0.1% to $39.64 a tonne, outpaced by a 0.2% slide in 65% Brazilian fines to $96.60 a tonne.
Similarly-sized movements were seen across Chinese futures markets during the session.
Rebar futures in Shanghai finished trade at 4,149 yuan, up a modest two yuan from Thursday’s night session close.
Iron ore, coking coal and coke futures were also quiet, ending the session at 501, 1286.5 and 2,384.5 yuan respectively, largely unchanged from where they finished on Thursday evening.
With Chinese markets closed on Monday for a public holiday, activity in spot markets will likely be extremely limited, especially with steel and bulk commodity futures offline.
Activity levels should begin to pickup on Tuesday as Chinese markets reopen.
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