Iron ore fell modestly in Tuesday, snapping a four session winning streak in the process.
According to Metal Bulletin, the spot price for benchmark 62% fines fell by 0.37% to $50.87 a tonne, continuing the modest daily movements seen over the past week.
Year to date, the benchmark price has gained 16.8%.
The price decline corresponded with the news that Chinese iron ore import volumes from Australia and Brazil, the two largest seaborne exporting nations globally, surged higher in May.
Imports from Australia rose to 54.73 million tonnes, up 19.4% on the levels of a year earlier, while volumes from Brazil soared by 26% to 16.8 million tonnes.
In overall terms, China imported 86.75 million tonnes of iron ore, an increase of 3.4% on April and up 22.6% from the a year earlier.
Indicating that the choppy price action in the spot market may continue on Wednesday, Chinese iron ore futures rose modestly in overnight trade.
The most actively traded September 2016 contract on the Dalian Commodities Exchange finished at 376.5 yuan, up 0.8% for the session.
Trade in Dalian will resume at 11am AEST.
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