After a terrible week, iron ore is back to a three-month low

Photo by Jeff J Mitchell/Getty Images

For a fourth consecutive day the iron ore price has fallen, extending its decline to the lowest level seen since July 24.

According to Metal Bulletin, the spot price for benchmark 62% fines fell by a further 62 cents, or 1.16%, to $52.18 a tonne. From the recent price peak of $56.61 a tonne set on October 12, the benchmark price has now fallen 7.83%.

Mirroring the fall in 62% fines, lower grade ore also declined with 58% fines slipping 31 cents to $45.46 a tonne.

Metal Bulletin, as they have been since Chinese markets returned from the Golden Week holiday in early October, noted that it was a “very quiet day in the spot market” on Thursday.

In what provides no clear indication for likely movements in the spot price this evening, Chinese iron ore futures were flat overnight with the most actively traded January 2016 contract on the Dalian Commodities Exchange closing at 358.5 yuan. Trade for Dalian’s day session resumes at 12pm AEDT.

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