The benchmark spot iron ore price fell for the first time in five sessions on Monday, albeit by the smallest of margins.
The price for 62% fines fell by a minuscule 2 cents to $56.77 a tonne, according to Metal Bulletin. While there was next to no movement in the benchmark price, prices for lower grade ore took off with 58% fines jumping by $1.13 to $44.25 a tonne.
While it might not be suggested by the price action, analysts at Metal Bulletin noted that it was a “busy start to the week with market participants returning form CISA’s Dalian conference last week”. The Golden Week holiday, starting on October 1, may have also contributed to the pickup in activity levels, it said.
Providing no clue as to what direction spot markets may head today, Chinese iron ore futures fell fractionally in overnight trade.
The January 2017 contract on the Dalian Commodities Exchange last traded at 410.5 yuan, down 0.61% for the session.
Trade in Dalian will resume at 11am AEST, just before the release of Chinese industrial profits data for August later in the session.