Iron ore spot markets remain choppy and directionless.
And with futures markets treading water overnight, that trend looks set to continue today.
According to Metal Bulletin, the price for benchmark 62% fines fell 0.7% to $62.19, completely reversing the gains achieved in the previous two sessions.
It has now moved less than 1% in each of the past four sessions, a somewhat unusual occurrence given historic patterns.
The price for 58% fines fell less than 0.1% to $36.07 while ore with 65% Fe content slid by a larger 1.5% to $81.20.
The losses came despite a rally in Chinese rebar and iron ore futures on Monday.
The January 2018 rebar contract in Shanghai added 2.74% to 3,894 yuan. Iron ore futures in Dalian rose by a smaller 1.09% to 465 yuan, climbing off the lows struck earlier in the session.
As seen in the scoreboard below, there was little movement in these contracts in overnight trade.
SHFE Rebar ¥3,890 , 0.78%
DCE Iron Ore ¥464.00 , 0.76%
DCE Coking Coal ¥1,210.00 , 0.33%
DCE Coke ¥1,811.00 , 1.03%
Trade in Chinese commodity futures will resume at midday AEDT, one hour before the release of Chinese industrial production and fixed asset investment data for October.
These reports will provide readings on iron ore and steel production, along with construction activity, which could prove influential on futures markets later in today’s session.