Iron ore prices are grinding higher

Photo by David McNew/Getty Images

Iron ore spot markets continue to grind higher, logging a third straight day of gains on Tuesday.

According to Metal Bulletin, the price for benchmark 62% fines rose 0.3% to $75.92 a tonne, leaving it at a two-week high.

Small gains were also seen across lower and higher grades.

58% fines increased 0.5%, closing the session at $43.87 a tonne. Ore with 65% Fe content added a smaller 0.2%, settling at $91.90 a tonne.

The modest gains mirrored similar price action in Dalian iron ore futures.

The May 2018 contract closed Tuesday’s day session at 521 yuan a tonne, up 0.3% for the session. It had traded as high as 529 yuan a tonne in earlier trade.

Rebar futures also had a Topsy-Turvy session, rallying to a two-week high of 3,998 yuan a tonne before closing flat at 3,943 yuan a tonne.

Providing no clear indication as to what direction spot markets will move today, futures were largely unchanged from those levels in overnight trade.

Here’s the scoreboard.

SHFE Rebar ¥3,949 , -0.28%
DCE Iron Ore ¥522.50 , 0.10%
DCE Coking Coal ¥1,364.00 , 0.18%
DCE Coke ¥2,121.00 , 0.17%

There was little reaction to news that iron ore shipments to China from Australia’s Port Hedland, the world’s largest iron ore loading terminal, fell by 11.3% to 34.7 million tonnes in January, according to the Pilbara Ports Authority, the lowest monthly total since July.

The port was closed for 43 hours due to weather disruptions from Tropical Cyclone Joyce, partially contributing to the steep monthly drop.

Trade in Chinese futures will resume at midday AEDT.

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