The iron ore price continued to push higher on Tuesday, building on the significant 6% gain seen on Monday.
Metal Bulletin’s iron ore index (MBIOI62) rose by 8 cents to $51.60 a tonne, leaving its year to date gain at 18.4%.
From the all time low of $38.30 a tonne struck on December 11 last year, the price has now rebounded by close to 35%.
While the spot price now sits at a more than three-month high, the movements in Chinese iron ore and rebar futures overnight suggest that the rally, at least in the short term, may have run its course.
The most actively traded iron ore futures contract slid 0.67% to 368 yuan. Rebar futures, a lead indicator for movements in the iron ore prices, also declined, slipping 1.13% to 36,040 yuan.
Trade in Chinese futures will resume at 12pm AEDT.
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