Trading thins in iron ore market on year's last working day

Physical iron ore trading largely faded out on the last working day of 2017 amid mixed signals from China’s ferrous futures and steel markets on Friday December 29.

Key drivers China’s benchmark futures contracts largely surged on Thursday night, but they remained rangebound on Friday morning. By Friday afternoon, their values had more or less corrected back to where they were before the surge. The May iron ore contract closed 2.7% higher compared with Thursday’s settlement price, while the January contract lost 1.7%. The spread between the two contracts has grown to over 50 yuan ($7.60) per tonne. China’s spot rebar prices dipped 10-30 yuan per tonne during the...

Published

July Zhang

December 29, 2017

10:07 GMT

Shanghai