Iron ore prices meandered on Wednesday as investors digested a slew of major Chinese economic data, including quarterly GDP.
According to Metal Bulletin, the spot price for benchmark 62% fines dipped four cents to $58.37 a tonne, a move that largely ignored strength in iron ore futures seen earlier in the session.
Analysts at Metal Bulletin described the session as a “quiet day” with few transactions taking place.
The decline came despite further signs of an acceleration in Chinese crude steel output which came in at 68.17 million tonnes in September, up 3.9% on the levels of a year earlier.
It also ignored signs of a further strength in Chinese property investment — a major factor behind the strength in iron ore prices this year — with investment growing 5.8% in the first nine months of the year compared to the same period in 2015, up from 5.4% growth seen in August.
Providing no real indication as to what direction spot markets will travel today, Chinese iron ore futures rose fractionally overnight, continuing to oscillate around 7-week highs.
The January 2017 contract on the Dalian Commodities Exchange last traded at 444.5 yuan, up 0.68% for the session.
Trade in Dalian will resume at midday AEDT.