Iron ore has tumbled again, and further losses are potentially on the way today.
According to Metal Bulletin, the spot price for benchmark 62% fines fell by a further 1.84%, or 93 cents, to $49.48 a tonne, leaving its decline from April 21 at 29.8%.
It was also the fist time the benchmark price closed below the $50 a tonne level since February 29.
The chart below is looking uglier by the day, with the year to date gain now trimmed to 13.6% — a far cry from the 61.7% increase it carried just over a month ago.
And it looks like the losses will extend further on Friday.
The most actively traded September 2016 iron ore future on the Dalian Commodities Exchange fell by a further 1.9% overnight to 336.5 yuan, leaving it at the lowest level seen since February 15.
Trade in Dalian will resume at 11am AEST.
Should the losses be maintained or built upon on Friday, it points to the likelihood of further weakness in the spot price arriving later in the session.