A 2012 Suzaku observation of the Seyfert 1.5 galaxy Markarian 530 was analysed and found to exhibit two distinct modes of variability, which were found to be independent from one another. Firstly, the spectrum undergoes a smooth transition from a soft to a hard spectrum. Secondly, the spectrum displays more rapid variability seemingly confined to a very narrow energy band (∼ 1 − 3 keV). Three physical models (blurred reflection, partial covering, and soft Comptonisation) were explored to characterise the average spectrum of the observation as well as the spectral state change. All three models were found to fit the average spectrum and the spectral changes equally well. The more rapid variability appears as two cycles of a sinusoidal function, but we cannot attribute this to periodic variability. The Fe Kα band exhibits a narrow 6.4 keV emission line consistent with an origin from the distant torus. In addition, features blueward of the neutral iron line are consistent with emission from He-like and H-like iron that could be originating from the highly ionised layer of the torus, but a broad Gaussian profile at ∼ 6.7 keV also fits the spectrum well.