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Iron ore is getting smoked, again

Photo: Shutterstock.

After an epic 11-session rally to close out 2015, the iron ore price has reverted back to standard form in recent sessions, falling for the fifth consecutive session overnight.

According to Metal Bulletin, the spot price for benchmark 62% fines fell by 1.95%, or 82 cents, to $41.31 a tonne.

The price has now fallen 6.9% since January 4, and leaves the year-to-date decline at 5.19%.

Indicating that the renewed rout may extend into a sixth session, Chinese iron ore futures continued to soften overnight.

The most actively traded May 2016 contract on the Dalian Commodities Exchange fell by 0.81% to 306 yuan, taking it back to levels last seen in late December last year.

The losses in iron ore are reflective of the broader commodities complex in recent sessions.

Overnight front-month copper futures fell to $1.9675 on COMEX, taking the price back to levels last seen in April 2009.

Crude futures have also been hosed, slumping by over 5% on Monday.

Front-month Brent crude futures on the ICE slid to as low as $31.20 a barrel overnight, leaving the price at lows not seen since April 2004.

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