Iron ore markets are quiet

Image: Chris Livingston / Getty Images

Iron ore spot markets did little on Thursday, finishing the session close to where it started.

According to Metal Bulletin, the price for benchmark 62% fines rose 0.1% to $62.32 a tonne, its smallest daily move in either direction since Golden Week Holidays in China in early October.

There were similarly small moves across the grades.

The price of 58% fines added 0.2% to $36.32 a tonne while ore with 65% Fe content fell 0.4% to $82.40 a tonne.

The meandering performance across spot markets followed a reversal in Chinese iron ore futures on Thursday, giving back earlier gains and more in the second half of the session.

The January 2018 iron ore contract in Dalian finished at 460.5 yuan, well off the high of 479.5 yuan struck earlier in the session.

Rebar, coke and coking coal futures also softened during the session, albeit to a lesser degree than iron ore, finishing at 3,760 yuan, 1,839 yuan and 1,207.5 yuan respectively.

As seen in the scoreboard from Thursday’s night session, there was very little movement in those contracts in overnight trade.

SHFE Rebar ¥3,771 , -0.11%
DCE Iron Ore ¥460.50 , -1.81%
DCE Coking Coal ¥1,215.50 , 0.12%
DCE Coke ¥1,818.00 , -3.83%

Trade in Chinese commodity futures will resume at midday AEDT.

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