Iron ore was hammered on Friday evening

The spot iron ore price was hammered on Friday evening, losing $2.23, or 4%, to $53.41 a tonne, according to pricing from Metal Bulletin.

The decline was the largest in percentage terms since July 8.

While the spot price was hammered, the most actively traded January 2016 iron ore futures contract on the Dalian commodities exchange rose on Friday evening, adding 4.5 yuan, or 1.23%.

If sustained during today’s day session it suggests a small bounce in the spot price may arrive this evening.

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