Volatility in the iron ore price has all but vanished

Ian Gavan/Getty Images for Jaeger-LeCoultre

The iron ore price rose for a second consecutive session on Wednesday, recording its first back-to-back gain since late April.

According to Metal Bulletin, the spot price for 62% fines rose by 0.56%, or 31 cents, to $55.57 a tonne, leaving its year to date gain at 27.5%.

Analysts at Metal Bulletin noted that transaction volumes were strong during the session, indicating demand was returning to the market following recent steep declines.

Continuing the theme of modest market moves — something of a rarity of late — Chinese iron ore futures ticked higher in overnight trade, pointing to the likelihood that the spot price could rise for a third session on Thursday.

The most actively traded September 2016 contract on the Dalian Commodities Exchange rose by 0.52% to 388 yuan.

Elsewhere, rebar futures rose 0.23% while those for coking coal slipped 0.7%.

Trade in all three contracts will resume at 11am AEST.

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