Iron ore continues to tumble

Photo by Tom Shaw/Getty Images

As it had done the five sessions beforehand, the spot iron ore price continued to move lower on Friday, extending its losing streak to the longest seen since early July.

According to Metal Bulletin, benchmark 62% fines fell by 56 cents, or 1.07%, to $51.62 a tonne, extending its decline from October 12 to 8.81%. Year-to-date, the benchmark price is now down 34.7%.

Lower grade ore suffered even larger falls, with 58% fines slipping 76 cents to $44.70 a tonne.

Perhaps buoyed by the news that the PBOC cut interest rates and the reserve ratio requirement for banks, Chinese iron ore futures rose modestly during Friday’s overnight session, with the most actively traded January 2016 contract on the Dalian Commodities Exchange rising 0.82% to 369 yuan.

Trade in Dalian will resume at 12pm AEDT.

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