Iron ore traders didn't know what to do on Monday [IMG] DAVID...

Iron ore traders didn't know what to do on Monday


DAVID SCUTT
SEP 11, 2018, 7:39 AM

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https://edge.alluremedia.com.au/uploads/*/2018/01/Lost-cast.jpgReisig and Taylor/ABC via Getty ImagesLOST.

• Iron ore spot closed mixed on Monday despite continued strength in Chinese steel prices.
• Futures were also indecisive with gains in rebar and coking coal contracts not flowing through to iron ore and coke coke contracts in Dalian.
• Chinese futures were all weaker in overnight trade on Monday, pointing to a soft start to trade in spot markets on Tuesday.

Iron ore markets were mixed on Monday despite continued strength in Chinese steel prices.
According to Metal Bulletin, the spot price for benchmark 62% fines slipped 1% to $67.81 a tonne, snapping a four-day, 3.7% rally in the process.
https://edge.alluremedia.com.au/uploads/*/2018/09/MBIOI-62-Sept-11-2018.jpg
However, the weakness in the benchmark did not extend to other grades.



The price of 58% fines actually rallied, lifting 0.9% to $38.99 a tonne, leaving it at the highest level since June 14.
The price of 65% fines weren’t interested in either move, holding steady at $96.40 a tonne.