Iron ore price steadies before Chinese GDP

Photo by Feng Li/Getty Images

The iron ore price did next to nothing on Friday evening, rising by a miniscule amount.

According to Metal Bulletin, the spot price for benchmark 62% fines rose by 2 cents to $53.76 a tonne, leaving the price down $2.25, or 4.02%, for the week.

Keeping with the modest movement in spot, Chinese futures did little on Friday evening with the most actively traded January 2016 contract on the Dalian commodities exchange gaining 0.13% to 371 yuan.

Trade in Dalian will resume at 12pm AEDT, one hour before China’s government will release a swathe of economic data including Q3 GDP.

As with all markets, the data release is likely to be influential for both spot and futures iron ore prices.

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