Iron ore sits at a 3-week low as Golden Week holidays continue

Gas well blowout. China Photos/Getty Images

Iron ore spot markets were quiet on Monday with most participants on holidays for Golden Week celebrations.

The spot price for benchmark 62% fines was unchanged at $55.86 a tonne on Monday, having tumbled 1.45% on Friday.

It currently sits at the lowest level since September 19.

Chinese markets, including iron ore futures, will be closed until Monday, October 10 for Golden Week holidays.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.