Iron ore spot markets were near-static on Monday, deprived of activity due to a public holiday in China.
According to Metal Bulletin, the price for benchmark 62% fines held steady at $69.13 a tonne. There was also no movement in the price for 58% and 65% Brazilian fines, remaining unchanged at $39.64 and $96.60 a tonne respectively.
China accounts for over 60% of global seaborne iron ore trade. Along with holidays in Japan and South Korea — also major steel producers — it helps explain the lack of movement seen on Monday.
Thankfully, all three nations will return to work on Tuesday, likely ensuring some movement in spot markets during the session.
Chinese steel and bulk commodity futures will also resume trade from 11am AEST.
Business Insider Emails & Alerts
Site highlights each day to your inbox.