The extreme volatility in iron ore markets ebbed on Friday, at least compared to recent norms.
According to Metal Bulletin, the spot price for benchmark 62% fines fell by 0.73% to $77.79 a tonne, leaving its year to date gain at 78.5%.
It was the first session since November 16 that the price did not move more than one percent in either direction.
Prices for lower grade ores were also weaker, while those for higher grades were steady.
The declines followed a volatile session for iron ore futures with the May 2017 contract on the Dalian Commodities Exchange swinging wildly, trading in a mammoth 9% range during Friday’s day session.
Things were a little more subdued in Friday’s overnight session with the May 2017 contract closing down 0.86% at 575.5 yuan.
There were similarly small declines registered for coking coal, coke and rebar futures.
Trade in Chinese commodity futures will resume at Midday AEDT.
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