Spot iron ore sinks back below $60 a tonne

David McNew/Getty Images

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.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at