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Iron ore has been hammered again

Simples. Picture: Marvel

The iron ore spot price fell heavily on Friday, continuing the sharp unwind that first began on Thursday.

Metal Bulletin’s iron ore index (MBIOI62) fell by a further 2.93%, or $1.46, to $48.29 a tonne, leaving the price at the lowest level seen since February 18.

Combined with the 3.66% decline registered on Thursday, the benchmark price has now slid 6.5% in the past two sessions, leaving the gain since Chinese markets resumed trade following the Lunar New Year holiday at 10.6%.

Year to date the price has risen 10.8%.

Indicating that the pace of decline may slow today, Chinese iron ore and rebar futures finished mixed in overnight trade on Friday.

The most actively traded iron ore futures contract on the Dalian Commodities Exchange fell by a further 0.41% to 362.5 yuan, largely offsetting a 0.42% gain in Chinese rebar futures on the Shanghai futures exchange.

Both will resume trade at 12pm AEDT.

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