After holding above $US60 for the past eight sessions the spot iron ore price has fallen heavily overnight.
Spot rates for 62% fines fell by 3.3%, or $2, to $59 a tonne according to pricing provided by the Steel Index.
While still up 26.3% from the lows struck in early April, prices have now fallen for five consecutive sessions.
Given the steep decline, Dalian iron ore futures may be influential on Australian markets once trading begins at 11am Sydney time this morning.
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