Iron ore is sliding again

Sandra Mu/Getty Images

The iron ore price continued to slide on Monday, falling for the fourth session in a row.

According to Metal Bulletin, the spot price for benchmark 62% fines fell by 1.08%, or 61 cents, to $55.76 a tonne, leaving it at the lowest level seen since March 16.

Despite the renewed weakness, the benchmark price has still risen 28% year to date.

Analysts at Metal Bulletin note that trade was thin thanks to the Easter break, with much of the weakness concentrated in prices for lower grade ore.

Pointing to the likelihood that the weakness in the benchmark spot price may extend to a fifth consecutive session, Chinese iron ore and rebar futures fell in overnight trade.

Iron ore futures on the Dalian Commodities Exchange slid 1.89%, more than doubling a 0.82% decline in rebar futures on the Shanghai Futures Exchange.

Both will resume trade at 12pm AEDT, with movements in Chinese stocks likely to be influential given the price action seen in recent days.

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