Iron ore spot markets retreated for a second day on Thursday, undermined by weakness in Chinese futures.
According to Metal Bulletin, the spot price for benchmark 62% fines fell by 1.2% to $61.47 a tonne, leaving it at a one-week low.
Higher and lower grade ores also lost ground during the session.
Ore with 65% Fe content slid 1.1% to $82.50 a tonne. 58% fine lost a larger 1.4%, settling the session at $35.83 a tonne.
The losses were pinned on a slide in Chinese rebar and iron ore futures during Thursday’s session.
“Buyer sentiment was hit by consecutive declines in futures prices,” said analysts at the Steel Index citing one market source.
The group described trade in physical markets on Thursday as “limited”.
Rebar futures in Shanghai were hammered during the session, sliding 2.4% to 3,650 yuan a tonne. Iron ore futures in Dalian also came under pressure, sliding 1% to 453.5 yuan a tonne.
And, as seen in the scoreboard below, that form continued during Thursday’s night session, especially for iron ore which tumbled to 444 yuan a tonne.
SHFE Rebar ¥3,647 , -0.49%
DCE Iron Ore ¥444.00 , -2.09%
DCE Coking Coal ¥1,113.50 , 1.27%
DCE Coke ¥1,738.50 , 0.55%
Trade in Chinese futures markets will resume at midday AEST.