- Iron ore spot markets are unusually quiet.
- All grades saw modest losses on Thursday while futures markets staged a mid-session reversal to finish lower.
- Futures rose marginally overnight trade, hinting that spot markets may start Friday on a firmer footing.
Iron ore spot markets remain quiet, recording largely meaningless moves on Thursday.
According to Metal Bulletin, the price for benchmark 62% fines dipped 0.2% to $66.258 a tonne, recording its fourth decline in the past five sessions.
It’s now lost 3.2% since hitting a one-month high of $68.45 a tonne on April 19.
Tiny losses were also seen across higher and lower grades.
65% and 58% fines both lost 0.1%, settling at $84.60 and $39.90 a tonne respectively.
The lack of movement mirrored activity levels across futures markets on Thursday, giving back early gains to finish marginally lower.
Rebar futures in Shanghai closed down 0.3% at 3,558 yuan, reversing an earlier move that saw it jump to as high as 3,613 yuan the loftiest level since March 8.
Iron ore futures in Dalian continued to slide after hitting a one-month high on Monday, closing down 1.1% at 465.5 yuan.
As seen in the scoreboard below, those losses were trimmed marginally in overnight trade.
SHFE Rebar ¥3,575 , 0.28%
DCE Iron Ore ¥468.00 , 0.32%
While that suggests spot markets may start Friday on a stronger footing, whether that lasts throughout the session remains uncertain, especially with the price action in futures extremely choppy at present.
Trade in Chinese futures will resume at 11am AEST.
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