Spot iron ore prices fell on Thursday, although not to the same degree seen in Chinese futures.
The price for benchmark 62% fines slid by 0.42% to $61.44 a tonne, according to Metal Bulletin. It was the second consecutive drop in a row, and trimmed its year to date gain to 41%.
After falling close to 6% on during Thursday’s day session, Chinese iron ore futures on the Dalian Commodities Exchange trimmed their losses in overnight trade, eventually closing the night session down 0.57% at 439.5 yuan.
The earlier decline was blamed on a crackdown by policymakers on peer to peer lenders operating in China, prohibiting certain fundraising activities and limiting the amount that both individuals and firms can borrow from these lenders.
Hardly fundamentals, but that’s hardly going to surprise those who follow the wild daily movements in Dalian closely.
Trade in Dalian will resume at 11am AEST.