Money Iron ore markets are pretty quiet

09:36  17 may  2018
09:36  17 may  2018 Source:

Iron ore markets remain choppy

  Iron ore markets remain choppy The benchmark iron ore price has risen, fallen, risen and fallen so far this week. The price for benchmark 62% iron ore fines rose on Monday, fell on Tuesday before gaining again on Wednesday.

Iron ore spot markets did little on Thursday, finishing the session close to where it started. According to Metal Bulletin, the price for benchmark 62% fines rose 0.1% to .32 a tonne, its smallest daily move in either direction since Golden Week Holidays in China in early October.

Some iron ore mines, such as those in Canada, China and Africa, have buckled under the pressure. Nevertheless, producers with operating costs that are far below current iron ore prices are well-positioned to take market share.

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Iron ore spot markets closed mixed on Wednesday.

According to Metal Bulletin, the price for benchmark 62% fines jumped 1.1% to $68.03 a tonne, recovering around half of the ground lost a session earlier.

a close up of a map© Provided by Business Insider Inc

However, the benchmark was the exception to the broader trend.

The price of 58% fines was unchanged at $39.56 a tonne, while 65% fines slipped 0.1% to $86.20 a tonne.

Given the unusual price divergence across the grades, one should not read too much into the price action.

Perhaps explaining the performance across spot markets, iron ore and rebar futures in China floundered through Wednesday's session, giving back earlier gains to close flat.

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Iron ore spot markets finished mixed on Thursday in quiet trade. And with Chinese futures doing little overnight, it sets the stage for another slow day on Friday. According to Metal Bulletin, the spot price for benchmark 62% fines fell by a further 0.13% to .36 a tonne

Quiet Iron Ore Market Condition. Thu, 29 Mar 2018 02:00:00 GMT on Wednesday morning kept stable condition, with the influence of future market , some traders are willing to sell their products.

Iron ore futures in Dalian finished the day session at 482.5 yuan a tonne, while rebar futures in Shanghai last traded at 3,677 yuan a tonne.

Neither spot or futures showed any real reaction to the release of data showing Chinese new home prices rose in a larger number of cities in April compared to March.

Providing few clues as to what direction iron ore markets may move on Thursday, Chinese futures were almost unchanged in overnight trade.

SHFE Rebar¥3,676,0.05%
DCE Iron Ore¥483.00,-0.31%

Trade in Chinese commodity futures will resume at 11am AEST.

The Australian dollar is a bit lower .
The Australian dollar had a mixed start to the week, falling against most of the major crosses except the New Zealand dollar. Broader movements in currency markets were dictated by geopolitics and continued strength in crude oil prices.The scoreboard below as at 7am AEST tells the story.

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