- Iron ore spot markets finished mixed on Wednesday.
- Neither spot or futures showed any real reaction to news that Chinese new home prices rose in a larger number of cities in April compared to March.
- Iron ore and rebar futures were largely unchanged in overnight trade.
Iron ore spot markets closed mixed on Wednesday.
According to Metal Bulletin, the price for benchmark 62% fines jumped 1.1% to $68.03 a tonne, recovering around half of the ground lost a session earlier.
However, the benchmark was the exception to the broader trend.
The price of 58% fines was unchanged at $39.56 a tonne, while 65% fines slipped 0.1% to $86.20 a tonne.
Given the unusual price divergence across the grades, one should not read too much into the price action.
Perhaps explaining the performance across spot markets, iron ore and rebar futures in China floundered through Wednesday’s session, giving back earlier gains to close flat.
Iron ore futures in Dalian finished the day session at 482.5 yuan a tonne, while rebar futures in Shanghai last traded at 3,677 yuan a tonne.
Neither spot or futures showed any real reaction to the release of data showing Chinese new home prices rose in a larger number of cities in April compared to March.
Providing few clues as to what direction iron ore markets may move on Thursday, Chinese futures were almost unchanged in overnight trade.
SHFE Rebar ¥3,676 , 0.05%
DCE Iron Ore ¥483.00 , -0.31%
Trade in Chinese commodity futures will resume at 11am AEST.