Following a near 7% rout on Monday, the iron ore price stabilised on Tuesday, posting a modest gain.
According to Metal Bulletin, the spot price for benchmark 62% fines rose by 0.27%, or 14 cents, to $51.36 a tonne, leaving its year to date gain at 17.9%.
From April 21, the price has still fallen 27.1%.
Although prices out of Qingdao were relatively stable, those which Metal Bulletin report, there were significant falls in other parts of the country.
Underlining this port, the spot price for 62% fines in Tianjin fell by 4.7% to $50.20 per dry metric tonne, according to the Steel Index.
Although prices between different ports often diverge on a daily basis, they tend to converge equally as quickly. It will be interesting to see whether prices in Qingdao fall to meet those in Tianjin or vice versus in the days ahead.
Providing some clues to this answer, Chinese iron ore futures bounced in overnight trade, suggesting that the spot price may push higher on Wednesday.
The most actively traded September 2016 contract on the Dalian Commodities Exchange rose 1.29% to 354 yuan, mirroring a similar gain in rebar futures on the separate Shanghai Futures Exchange.
Trade in both contracts will resume at 11am AEST, with Metal Bulletin scheduled to release its iron ore index shortly after 8.30pm AEST.
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