Iron ore spot markets inched higher on Thursday, making it five gains on the trot.
According to Metal Bulletin, the price for benchmark 62% fines rose 0.2% to $77.32 a tonne, extending its rally over the past five sessions to 6.1%.
It is now on the equal-longest winning streak since June last year, aided in part by restocking ahead of Lunar New Year holidays and thin market conditions.
Higher grade ores also pushed higher during the session with ore with 65% Fe content adding 0.1% to $93.50 a tonne.
In contrast, 58% fines slipped, falling 0.1% to $44.30 a tonne.
All fairly insignificant moves, reflective of a market that is now winding down before holidays.
The modest moves in spot markets followed a choppy day in futures.
Dalian iron ore closed down 0.2% at 524 yuan a tonne, moving in a comparatively narrow range during the session.
It showed very little reaction to news that Chinese iron ore imports swelled to 100 million tonnes in January, the second-largest monthly total on record.
Rebar futures — often influential on iron ore contracts — also fell, sliding 0.4% to 3,930 yuan a tonne.
As seen in the scoreboard below, both contracts reversed those losses in overnight trade.
SHFE Rebar ¥3,938 , 0.18%
DCE Iron Ore ¥533.50 , 1.81%
DCE Coking Coal ¥1,374.50 , 0.84%
DCE Coke ¥2,158.00 , 0.54%
The rebound, particularly for iron ore, points to the likelihood that spot markets may continued to push higher today, at least based on early indications.
It currently sits at the highest level since January 25.
Trade in all Chinese commodity futures will resume at midday AEDT.
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