- Iron ore markets are quiet.
- Both spot and futures prices moved very little on Tuesday and in overnight trade.
- The moves were in stark contrast to the wild swings seen in other Chinese financial markets on Tuesday.
Iron ore was immune to the volatility seen in other Chinese financial markets on Tuesday.
Chinese futures were quiet, as were spot markets.
According to Metal Bulletin, the spot price for benchmark 62% fines rose by a solitary cent to $64.55 a tonne, a move that is generally only reserved for days when Chinese holidays are held.
The movements elsewhere were also incredibly muted.
The price of 58% fines added three cents to $37.45 a tonne while 65% fines lost 0.1% to close at $91.50 a tonne.
Those moves mirrored a quiet session for Chinese rebar and iron ore futures.
Rebar futures in Shanghai finished at 3,753 yuan, down one yuan from Monday’s night session close.
Iron ore futures traded separately in Dalian were also quiet, slipping 1.5 yuan from the night session close to finish at 463 yuan.
Coking coal and coke futures were equally subdued. The former inched lower, closing at 1,165 yuan. The latter bucked the broader trend, closing at 2,036 yuan.
As seen in the scoreboard below, there was little movement on those levels in overnight trade.
SHFE Rebar ¥3,769 , 0.56%
DCE Iron Ore ¥461.00 , -0.65%
DCE Coking Coal ¥1,159.00 , -0.43%
DCE Coke ¥2,027.50 , 0.02%
Rebar futures rose but the bulks fell.
The lack of movement provides few clues as to what direction spot markets will move today.
Trade in Chinese futures will resume at 11am AEST.