Iron ore prices continue to slide

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  • The benchmark iron ore spot price has fallen for four consecutive sessions, and sits at a one-month low.
  • Dalian iron ore futures continued to slide in during Wednesday’s night session.
  • China will release international trade data for February during today’s session.

Iron ore spot markets closed mixed on Wednesday with higher grades outperforming mid and lower grades during the session.

According to metal Bulletin, the spot price for benchmark 62% fines slipped 0.3% to $75.84 a tonne, losing ground for a third consecutive session.

It now sits at the lowest level since February 5.

The price for 58% fine fell by a larger amount than the benchmark, losing 0.5% to close at $42.83 a tonne.

Higher grades bucked the trend with ore with 65% Fe content rising 0.2% to $92.50 a tonne.

The mixed performance coincided with a reversal in Chinese rebar futures which gave up earlier gains to close deep in the red.

The May 2018 contract in Shanghai fell 1.6%, settling at 3,890 yuan a tonne.

Iron ore futures traded in Dalian mirrored the price action in rebar, giving back all of the gains of Tuesday’s overnight session, closing down 0.5% at 517.5 yuan a tonne.

As seen in the scoreboard below, iron ore futures extended those losses in overnight trade, finishing at the lowest level since February 5.

SHFE Rebar ¥3,889 , -1.27%
DCE Iron Ore ¥513.50 , -1.25%
DCE Coking Coal ¥1,352.50 , -1.39%
DCE Coke ¥2,147.00 , -1.51%

Trade in Chinese commodity futures will resume at midday AEDT, around a hour before the release of Chinese trade data for February.

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