Iron ore pummeled again, and it looks like there's more to come

Photo by Scott Barbour/Getty Images

After the briefest of respites on Wednesday, the sell-off in iron ore resumed with gusto on Thursday, falling heavily to yet another four-month low.

According to Metal Bulletin, the spot price for benchmark 62% fines fell 47 cents, or 0.96%, to $48.71 a tonne. The price has now fallen 14% since October 12, leaving the key steel making ingredient down 31.6% year-to-date.

It is now trading at the lowest level since July 8, the date the benchmark price hit an all time record low of $44.59 a tonne.

Pointing to the likelihood of further losses arriving in the spot price later this evening, Chinese iron ore futures were pummelled yet again in overnight trade. According to pricing provided by the Dalian Commodities Exchange, the lost actively traded January 2016 contract fell 1.57% to 344 yuan.

Trade in Dalian will resume today at 12pm AEDT.

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