Iron ore had a terrible September

Mark Kolbe/AFL Media/Getty Images

Iron ore spot markets continued to slide on Friday, finishing the September quarter at a three-month low.

According to Metal Bulletin, the price for benchmark 62% fines fell by 1.3% to $62.05 a tonne, leaving it at the lowest level since July 6.

Over September it slumped 21.4%, seeing it close the quarter with a loss of 4.5%.

Both higher and lower grade ores also lost ground during the session.

Ore with 65% Fe content fell 0.9% to $86 a tonne while the price for 58% fines slid 0.5% to $38.62 a tonne.

Trade was quiet ahead of Golden Week holidays in China that began on October 1, continuing the pattern seen earlier in the week.

With the world’s largest iron ore consumer on holidays until the end of this week, trade in spot markets will likely slow to a crawl in the days ahead.

Chinese commodity futures will also be closed over this period.

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