While Asian stocks are flying high yet again, including commodity producers, the same can’t be said for Chinese iron ore futures. They’re tanking.
The most actively traded contract, for January 2016, on the Dalian Commodities Exchange is currently down 7.5 yuan, or 2.14%, at 343.5 yuan.
It is now trading at the lowest level on record, surpassing the previous low of 358 yuan set in early July this year.
If sustained this afternoon it points the likelihood of further significant weakness in spot pricing arriving later on this evening.
On Monday the spot price for benchmark 62% fines fell 0.83% to $47.74 a tonne according to Metal Bulletin, leaving the year-to-date decline at 33%.
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