Iron ore prices continued to slide on Monday, sending the benchmark spot price below the $80 a dry tonne level for the first time since early January this year.
Amidst holiday-thinned trade in China to the Tomb-Sweeping Festival, the spot price for benchmark 62% fines fell by a further 1.28% to $79.36 a dry tonne, according to Metal Bulletin, extending its decline from the multi-year peak of $94.86 a tonne struck on February 21 to 16.3%.
Year to date it has now risen just 0.6%, a far cry from the 20% plus gains seen just over a month ago.
Prices for lower and higher grade ores were largely static, undoubtedly impacted by lower-than-usual market participation.
With Chinese markets remaining closed for the Tomb Sweeping Festival, including commodity futures, trade looks set to remain quiet until market participants in return on Wednesday.