The iron ore markets is eerily quiet at present

Photo by Feng Li/Getty Images

The iron ore market remains quiet at present, especially by recent standards.

According to Metal Bulletin, the spot price for benchmark 62% fines fell by five cents to $54.75 a tonne on Tuesday, having remained steady on Monday.

In 12 of the prior 15 sessions the spot price recorded gains or losses of more than one per cent.

Suggesting that the steady price action will likely continue today, Chinese iron ore futures rose modestly on the Dalian Commodities Exchange overnight.

The most actively traded September 2016 contract rose 0.53% to 380.5 yuan, indicating that the spot price may also follow suit should the gains be maintained or sustained today.

In market news, iron ore exports from Port Hedland — Australia’s largest iron ore loading terminal — hit a record high last month according to data released by the Pilbara Ports Authority on Tuesday.

Over the month, exports rose by 8% to 39.534 million tonnes, surpassing the previous monthly record of 39.41 million tonnes shipped in September 2015.

The increase took the amount of ore shipped over the past 12 months to 447 million tonnes, also a record high.

Exports to China jumped by 16.8% to 32.59 million tonnes, largely as a result of the timing of the Lunar New Year holiday in February this year. From 12 months earlier, exports rose by a smaller 4.3%.

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