Iron ore spot markets continued to chop around on Tuesday, largely reversing the moves seen just one day earlier.
According to Metal Bulletin, the spot price for benchmark 62% fines rose by 0.61% to $61.17 per tonne, continuing the modest price movements seen in recent days.
Indeed, the benchmark price has fallen, risen, fallen, risen, fallen and risen over the past six sessions, trading in a range of just $1.23.
While the benchmark price rose, lower grade ores fell after scooting higher on Monday. The price for 58% fines fell 0.83% to $40.75, partially retracing the 4.5% gain seen in the prior session.
The mixed movements across the grades followed similarly modest movements in Chinese commodity futures earlier in the session, initially rising, then falling, before closing modestly higher.
However, while the price action on Tuesday was indecisive, that was not the case in overnight trade: Chinese iron ore futures rocketed higher.
The most actively traded September 2017 contract on the Dalian Commodity Exchange jumped 3.72% to 473.5 yuan, leaving it sitting at the highest level since May 8.
That outpaced solid gains of 2.51% and 1.23% respectively in rebar and coking coal futures.
SHFE Rebar ¥3,058 , 2.51%
DCE Iron Ore ¥473.50 , 3.72%
DCE Coking Coal ¥1,030.00 , 1.23%
DCE Coke ¥1,519.00 , 1.57%
Trade in Chinese commodity futures will resume at 11am AEDT.