- Chinese iron ore futures rebounded on Tuesday after several days of losses.
- The gains followed renewed strength in Chinese steel prices, something that helped to bolster sentiment across the broader bulk commodities complex.
- Spot market pricing will resume on Wednesday following a public holiday in Singapore.
Iron ore markets found their footing on Tuesday, pushing higher after several days of losses.
As is often the case, the rebound coincided with renewed strength in Chinese steel futures.
The October 2018 rebar contract finished trade at 3,635 yuan, well above Monday’s night session close of 3,583 yuan. It briefly traded as high as 3,650 yuan, the highest level in a week.
Iron ore, coking coal and coke futures in Dalian rallied in response, posting strong gains for the session.
Iron ore finished at 464.5 yuan, up from Monday’s night session close of 455.5 yuan.
Coking coal and coke had an even better day, surging to 1,218.5 yuan and 2,059.5 yuan respectively, up from the prior close of 1,198.5 and 2,003.5 yuan.
Concerns about thermal coal shortages in China may have provided support for the broader coal complex.
In overnight trade, rebar futures were largely unchanged while bulk commodity contracts were marginally lower.
SHFE Rebar ¥3,636 , 0.69%
DCE Iron Ore ¥462.00 , 0.54%
DCE Coking Coal ¥1,207.00 , -0.54%
DCE Coke ¥2,049.00 , 1.14%
Trade in Chinese commodity futures will resume at 11am AEST.
Spot market pricing will also resume following a public holiday in Singapore.
On Monday, the spot price for benchmark 62% fines fell 0.1% to $63.89 a tonne, according to Metal Bulletin, logging its seventh fall in the past eight sessions.
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