Iron ore spot markets remain quiet, showing little reaction to news that Chinese policymakers are moving to shore up economic growth.
The price for benchmark 62% fines slipped 0.3% to $65.57/t on July 24, according to Metal Bulletin, pulling back slightly after hitting a one-month high a day earlier.
Higher grade ore also weakened with the price for 65% fines sliding 0.2% to $92/t.
In contrast, lower grade ores continued to outperform, lifting by 0.7% to $38.69/t.
The mixed performance across spot markets followed a Topsy Turvy session in Chinese steel futures on July 23.
Rebar futures in Shanghai topped out at 4,033 yuan — the highest level in close to 11 months — before reversing hard in late trade, eventually closing the session at 3,983 yuan.
The wild swings coincided with the release of mixed news on steel demand.
While China's State Council announced tax cuts and pledged to speed up infrastructure investment in the second half of the year, designed to prop up flagging economic growth, that may have been offset by data showing Chinese steel stockpiles rose modestly last week.
Steel products inventories held by traders rose by 29,500 tonnes to nearly 10 million tonnes last week, indicating a seasonal softening demand that's often seen during summer.
Despite the reversal in rebar futures during the session, bulk commodity contracts closed flat to higher.
Dalian iron ore finished trade at 474.5 yuan/t, almost unchanged from July 23's night session close. Coking coal and coke futures performed a little better, ending trade at 1,178.5 yuan/t and 2,119 yuan/t respectively, up from July 23's night session close of 1,163.5 yuan/t and 2,101 yuan/t.
Sources:sxcoal
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