Iron ore spot markets fell for a fifth consecutive session on Tuesday.
According to Metal Bulletin, the price for benchmark 62% fines dipped 0.4% to $58.52 a tonne, leaving it a fresh four-month low.
In October it lost 5.7%, extending its losses from August 21 to 26.8%.
Elsewhere the price action was mixed.
Having fallen to a fresh 22-month low on Monday, the price for 58% fines edged higher, rising 0.1% to $34.68 a tonne.
On the other hand, higher grades went backwards as ore with 65% Fe content slid 0.7% to $79.50 a tonne.
Persistent concerns over the outlook for Chinese demand ahead of looming steel production cuts likely drove the weakness.
Iron ore stockpiles at Chinese ports rose by the most since February last week, exacerbating concerns ahead of the full implementation of production cuts in mid-November.
Soft Chinese manufacturing and non-manufacturing PMI reports for October did little to bolster sentiment.
The declines in spot markets came despite a small bounce in Chinese futures on Tuesday.
Rebar futures in Shanghai closed at 3,628 yuan while iron ore futures in Dalian finished at 428 yuan, climbing of the lows struck earlier in the session.
Providing no clear guidance as to what direction spot markets will likely move today, futures finished mixed in overnight trade.
Here’s the final scoreboard for Tuesday’s night session.
SHFE Rebar ¥3,612 , 0.42%
DCE Iron Ore ¥430.00 , 0.94%
DCE Coking Coal ¥1,070.50 , -1.06%
DCE Coke ¥1,679.00 , 0.24%
Trade in Chinese futures will resume at midday AEDT, 45 minutes before the release of the Caixin-IHS Markit China manufacturing PMI report for October.
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