The iron ore price continues to slide

Phil Walter/Getty Images

The iron ore price continued to slide on Thursday, falling to a fresh three-and-a-half month low in the process.

According to Metal Bulletin, the spot price for benchmark 62% fines fell by 0.45% to $48.18 a tonne, leaving it at the lowest level seen since February 18 this year.

It has now lost 31.6% since April 21, leaving its 2016 gain at 10.6%, or just $4.61.

However, after falling 5.8% this week alone, there are signs that the spot price may find support on Friday.

Iron ore futures on the Dalian Commodities Exchange rose modestly in overnight trade, closing the session up 0.72% to 348.5 yuan.

Should those gains be sustained today — something which is no guarantee given the price action seen this week — it suggests that the spot price may record a small increase when Metal Bulletin release its daily iron ore index at 8.30am AEST.

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