Iron ore's losing streak is over

Photo by Jim Rogash/Getty Images

The spot iron ore price, having fallen for the past seven trading sessions, rebounded modestly overnight.

According to Metal Bulletin, the spot price for benchmark 62% fines rose by 47 cents, or 0.92%, to $51.50 a tonne. It was the first increase recorded since October 16, and largest in percentage terms since October 12.

Despite the lift in benchmark prices, lower grade ore continued to struggle, with the spot price for 58% fines slipping 7 cents to $43.97 a tonne.

Futures, like the benchmark spot price, also ticked higher overnight with the most actively traded January 2016 contract on the Dalian Commodities Exchange rising 0.14% to 365.5 yuan.

Trade in Dalian will resume at 12pm AEDT.

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