Iron ore sinks for a second session

Photo: Douanes Francaises/Getty Images

For a second consecutive session the iron ore price has fallen.

According to Metal Bulletin, the spot price for benchmark 62% fines fell by 0.46%, or 20 cents, to $42.91 a tonne.

Indicating that the spot price may rebound this evening, Chinese iron ore futures rose modestly overnight with the most actively traded May 2016 contract on the Dalian Commodities Exchange rising 0.94% to 322.5 yuan.

The fall in the spot price, following a 2.84% plunge on Tuesday, followed news that iron ore exports from Australia’s largest bulk-loading port continued to rise in December.

According to data from the Pilbara Ports Authority, exports from Port Hedland rose to 37.55 million tonnes, an increase of 0.58% on November and 1.16% higher than a year earlier.

Over the year, total iron ore exports totalled 446.1 million tonnes, representing an increase of 7.8%.

Exports to China rose to 32.17 million tonnes, 1.39% higher than November and 5.03% above the levels of a year earlier.

The increase corresponded with Gina Rinehart’s majority-owned Roy Hill iron ore mine shipping its first cargoes from the port during the month.

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