Pushing aside continued strength in steel prices, the spot iron ore price fell modestly on Tuesday, snapping a four-session winning streak in the process.
According to Metal Bulletin’s iron ore index, the spot price for benchmark 62% fines fell by 0.78%, or 46 cents, to $58.36 a tonne.
The decline, the first seen since March 15, left the price up 33.9% year to date.
Providing mixed signals as to what may eventuate during Wednesday’s session, Chinese rebar futures ripped higher in overnight trade, diverging from iron ore futures which finished flat.
The May 2016 rebar future on the Shanghai Commodities Exchange finished up 3.57% at 2,294 yuan, leaving it near the 4% limit up level that caps gains over any one given trading session.
On the separate Dalian Commodities Exchange, the most actively traded May 2016 iron ore future last traded at 455 yuan, unchanged from the Monday’s close.
Both will resume trade at 12pm AEDT.