Iron ore prices sank overnight

Fitting with the movements in Chinese futures on Wednesday, the iron ore price has fallen overnight.

According to Metal Bulletin, the spot price for benchmark 62% grade fines fell by 51 cents, or 0.90%, to $56.41 a tonne.

Year-to-date the price has fallen 20.8%.

Overnight the most actively traded January 2016 iron ore contract on the Dalian commodities exchange rose by 0.67% to 378 yuan. If sustained today, it points to the likelihood of a modest bounce in the spot price this evening.

Trade in Dalian will resume at 11am AEST.

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