- It was a quiet start to the week for iron ore spot markets.
- Lower and higher grades rose while the benchmark fell for a third consecutive session.
- Chinese steel and iron ore futures have fallen fractionally over the past 24 hours, pointing to the possibility of early weakness in spot markets on Tuesday.
Iron ore spot markets converged on Monday as lower grades rebounded after two days of heavy losses.
According to Metal Bulletin, the price for benchmark 62% fines slipped 0.6% to $66.12 a tonne, adding to losses seen in the prior two sessions.
In contrast, lower and higher grade ores rose to start the week.
58% fines jumped 1.2% to $42.35 a tonne, reversing some of the heavy losses seen on Thursday and Friday.
The price for 65% Brazilian fines rose by a smaller 0.2%, settling at $83 a tonne.
The mixed performance in spot markets was mirrored by equally-hesitant moves in futures trade on Monday.
After initially drifting higher in early trade, most steel and bulk commodity contracts edged lower during overnight trade on Monday.
Here’s the closing scoreboard.
SHFE Hot Rolled Coil ¥3,605 , -1.02%
SHFE Rebar ¥3,631 , -1.28%
DCE Iron Ore ¥510.00 , -0.68%
DCE Coking Coal ¥1,445.50 , 0.14%
DCE Coke ¥2,338.50 , -2.42%
Apart from coking coal futures which edged higher, all remaining contracts finished modestly below Friday’s night session close.
The movement in futures suggests downside pressure in spot markets may emerge on Tuesday, at least in early trade.
Chinese commodity futures will reopen at midday AEDT.
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