Iron ore tumbles another 50 cents


As it had done in three of the past four sessions, and 11 of the past 14, the spot iron ore price continued to tumble on Friday, losing an additional 1%.

According to Metal Bulletin, the spot price for benchmark 62% fines fell by 50 cents, of 1.03%, to $48.21 a tonne. It now sits only $3.62 above the record low spot price of $44.59 a tonne set on July 8, and extends this years decline to $23.05, or 32.3%.

Pointing to the likelihood of a further decline in the spot price later today, Chinese iron ore futures continued to soften on Friday evening with the most actively traded January 2016 contract on the Dalian Commodities Exchange falling 0.43% to $344 yuan.

Over the weekend China’s government, as part of the broader international trade release, reported that Chinese iron ore imports fell to 75.52 million tonnes in October. The figure, down 12.3% on September, left the annual decline at 4.9%.

Reflective of the broader trend, between January to October iron ore imports totalled 774.5 million tonnes, down 0.5% on the same period of 2014.

Like iron ore, coal imports also fell heavily, dropping 21.4% from September to 13.96 million tonnes. Between January to October, total coal imports came in at 170.3 million tonnes, down 29.9% on the same period a year earlier.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.