Chinese iron ore futures tumbled overnight

Steve Munday/Getty Images

The iron ore price did not escape the carnage in commodity markets overnight, although in comparison to the likes of base and precious metals, along with crude oil, it was the relative outperformer.

According to Metal Bulletin, the spot price for benchmark 62% fines fell 12 cents, or 0.2%, to $56.86 a tonne.

From the start of the year, the benchmark price has fallen by over 20%, akin to declines in other major commodities.

In what points to the likelihood of a further decline in the spot price later on this evening, Chinese iron ore futures tumbled overnight with the most actively traded January 2016 contract on the Dalian commodities exchange losing 2.28% to 365 yuan.

Trade in Dalian will resume at 11am AEST today.

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