Iron ore futures are getting crushed in today’s trading session, down more than 7%.
Futures fell as much as 7.69%, before rallying a short time ago to 7.21%.
The futures contracts earlier hit their Limit Down, which is the maximum amount that futures contracts can decline in one session.
Just when iron ore looked like it had stabilised, volatility is back with a bang.
The futures market points to significantly lower spot prices for iron ore later today. Spot prices for Benchmark 62% fines closed last night at $US68.68.
This table heavy falls in futures contracts across all commodities: