Chinese iron ore futures are sliding fast

Photo: Phil Walter/Getty Images

Having fallen overnight, the losses in Dalian iron ore futures are now mounting.

At the mid-session break the most-actively traded January 2016 contract has slid by 10.5 yuan, or 2.88%, to 353.5 yuan.

At the conclusion of the night session on the Dalian exchange earlier today the January contract was down just 1.10%.

If the losses in futures are maintained this afternoon it suggests the spot price may test the $50 a tonne level later on this evening.

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