- Iron ore spot markets fell again on Wednesday, mirroring weakness in Chinese steel prices.
- Rebar futures in Shanghai fell to a two-week low.
- Both iron ore and rebar futures rose modestly in overnight trade.
Iron ore spot markets have fallen again.
According to Metal Bulletin, the price for benchmark 62% fines slid 0.5% to $66.46 a tonne, adding to Tuesday’s 0.7% decline.
58% fines fell 0.6% to $39.29 a tonne while 65% fines were flat at $85.20 a tonne.
Continuing the pattern of recent days, spot markets followed the lead provided by steel prices rather than iron ore futures.
The October 2018 rebar contract in Shanghai fell 2.2% to 3,571 yuan, recovering in late trade after falling to a two-week low earlier in the session.
According to Reuters, citing data from Mysteel Consultancy, prices of spot steel products dropped 0.1% to 4,309.35 yuan a tonne, slipping for a third consecutive trading session since Thursday, while benchmark Tangshan billet prices slipped 10 yuan to 3,590 yuan.
After trading higher for most of the session, iron ore futures in Dalian also weakened into the close, finishing nearly unchanged from Tuesday’s night session close at 470 yuan.
However, keeping with the choppy price action of recent weeks, those moves were partially unwound in overnight trade.
Here’s the final scoreboard.
SHFE Rebar ¥3,592 , -0.11%
DCE Iron Ore ¥471.50 , -0.11%
Trade in Chinese commodity futures will resume at 11am AEST.
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