Iron ore remains under pressure

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Amidst thin trade thanks to the golden week holiday in China, the spot iron ore price continued to languish overnight at the lowest level seen in over two months.

According to Metal Bulletin the spot price for benchmark 62% fines remained unchanged at $53.14 a tonne overnight, holding at the lowest level seen since July 27.

On Friday the spot price tumbled $2.90, or more than 5%.

Trade volumes are likely to rise substantially later in the week as Chinese markets, including iron ore futures resume trade from October 8.

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