Iron ore falls as a cyclone moves in on Port Hedland

Alex Caparros/Getty Images

The iron ore price continued to slide on Wednesday, extending its losing streak into a fourth consecutive session.

According to Metal Bulletin, the spot price for benchmark 62% fines fell 0.54% to $79.19 a tonne, leaving it at a one-week low.

It has now fallen 5.25% from the multi-year peak of $83.58 a tonne struck on December 12, trimming its gain in 2016 to 81.8%.

Similar falls were also recorded for lower grade ore, although prices for higher grades rose fractionally.

Providing no indication as to whether the losing streak will extend into a fifth session, Dalian iron ore futures finished flat overnight, closing the session at 567.5 yuan.

Rebar and coking coal futures closed down less than 0.5%.

Trade in Chinese commodity futures will resume at midday AEDT.

Markets will be watching developments in northwestern Australia with tropical cyclone Yvette — currently a category one cyclone — expected to hit the Pilbara coast during the weekend.

Forecasts maps suggest it will make landfall east of Port Hedland, the world’s largest iron ore loading terminal.

Source: BOM

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