There’s no need to adjust your screen, and before you ask, no, it’s not a typo.
Iron ore spot markets rose on Wednesday.
Now that’s something that hasn’t been heard for a little while.
According to Metal Bulletin, the spot price for benchmark 62% fines rose by 2.22% to $64.60 a tonne, trimming its loss so far this week to only 5.94%.
It’s now down 31.9% from February 21, and has fallen 18.1% year to date.
After tumbling more than 8% on Tuesday, lower grade ores outperformed during the session. The price of 58% fines jumped 3.06% to $40.03 a tonne.
The rebound in spot markets mirrored a tentative recovery in Chinese iron ore and rebar futures on Wednesday, slowly chipping away at earlier losses as the session progressed.
And with futures managing to cling onto those gains overnight, there’s grounds to believe the rebound seen on Wednesday may extend into a second session today.
The most actively traded September 2017 iron ore future on the Dalian Commodities Exchange rose 1.58% to 481.5 yuan, according to pricing from Thomson Reuters. Rebar futures traded separately on the Shanghai Futures Exchange also clung to its earlier gains, rising 1.28% to 2,926 yuan per tonne.
They finished at 480 and 2,907 yuan respectively at the conclusion of Wednesday’s day session, so slightly below the overnight closing level.
Here’s how the broader commodities complex finished up overnight.
SHFE Copper ¥45,860 , -0.22%
SHFE Aluminium ¥14,410 , -0.45%
SHFE Zinc ¥21,005 , 1.08%
SHFE Nickel ¥79,030 , 0.19%
SHFE Rebar ¥2,926 , 1.28%
DCE Iron Ore ¥481.50 , 1.58%
DCE Coking Coal ¥1,075.00 , 0.70%
DCE Coke ¥1,559.50 , 0.52%
Trade in Chinese commodity futures will resume at 11am AEST.