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The spot iron ore price continues to tumble

Photo by Chris McGrath/Getty Images

The iron ore price fell for a fifth consecutive session on Tuesday.

According to Metal Bulletin, the spot price for benchmark 62% fines slid by 1.17%, or 65 cents, to $55.11 a tonne, leaving it at levels last seen on March 16.

The continued decline, something that has seen the benchmark price slide 6.3% since Monday last week, came despite strong gains in spot rebar prices in Shanghai and Beijing on Tuesday.

In overnight trade, Chinese iron ore and rebar futures finished mixed, providing no real indicator on whether the decline in the spot iron ore price will extend to a sixth consecutive session today.

Iron ore futures on the Dalian Commodity Exchange rose by 0.12%, offset by a drop of 1.3% in rebar futures on the Shanghai Futures Exchange.

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