The iron ore price fell heavily on Monday, continuing the choppy, downward trend seen in recent weeks.
According to Metal Bulletin, the spot price for benchmark 62% fines fell by 1.72% to $50.27 a tonne, taking back around half the gain achieved on Friday.
From April 21 the price has lost 28.7%, trimming the year to date gain to 15.4%.
From a political perspective, the current spot rate of $50.27 a tonne (CFR) equates to a free on board (FOB) rate of $46.52 based on freight rates supplied by Metal Bulletin, nearly $8.50 below Australian treasury forecasts for the upcoming financial year.
Providing little indication as to what direction the spot price may move on Tuesday, Chinese iron ore futures did little in overnight trade, finishing the session up 0.29% at 344 yuan.
Rebar futures finished with a small loss while coking coal jumped by 1.31%.
Trade in Chinese futures will resume from 11am AEST.