Iron ore is in the midst of its longest losing streak since mid-July, but there are signs that it may be nearing an end.
According to Metal Bulletin, the spot price for benchmark 62% fines fell by a further 0.62% to $57.78 a tonne on Friday, leaving it at the lowest level seen since July 25.
It has now fallen in each of the past five sessions, losing 2.7% in the process. Its gain in 2016 now stands at 32.6%.
Though the benchmark price continued to weaken, lower grade ore actually increased with the spot price for 58% fines rising by 0.91% to $45.52 a tonne.
Despite the decline seen in spot markets, Chinese iron ore futures lifted on Friday evening, suggesting that weakness in physical markets may be coming to an end.
The most actively traded January 2016 contract on the Dalian Commodities Exchange finished at 412 yuan, up 1.48% for the session.
Trade in Dalian will resume at 11am AEST.
Due to a public holiday in Singapore on Monday, Metal Bulletin will not releases spot pricing until Tuesday, September 13.
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